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rd58jd52-2019
New Member

If I can't support my use of a cancelled debt,

My second mortgage was cancelled. We have been struggling with debt and we consolidated
2 Replies
Anonymous
Not applicable

If I can't support my use of a cancelled debt,

cancelled or consolidated?  big difference.   forgiven = discharged= cancelled then you would get a 1099-C reporting the amount cancelled which could result in taxable income in the amount cancelled.   consolidated has no tax consequences. 

Anonymous
Not applicable

If I can't support my use of a cancelled debt,

 
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