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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
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posted
April 8, 2020
9:42 PM
last updated
April 08, 2020
9:42 PM


1 Reply

Anonymous
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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.
April 8, 2020
10:16 PM
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