Today TaxMama hears from Anna in Virginia who is upset. “I just received a letter from the IRS for my 2007 tax return saying I owe $1600 because of a cancellation of debt that I didn’t claim. I didn’t know that I was supposed to. I don’t have $1600. What am I supposed to do?”
Tag Archives: Cancellation of Debt (COD) Income
Today TaxMama hears from Mark in Illinois, with this problem. “Taxpayer has claimed the home office deduction for a couple of years. There is a build up of carryover expenses. During 2008 taxpayer quit doing business from his home. Taxpayer continued in the same line of business for the remainder of the year from a […]
Today TaxMama hears from Margaret in California, who wants to know, “Do I avoid taxes on my properties if I let them foreclose vs. a short sale? I have pulled out equity to invest and improve my properties and now I am under water big time.”
To listen to this presentation, please use the link in the Resource Box below. Transcript of presentation: Hello. I’m Jean Wetzler, with a reenactment of a March 2009 IRS National Phone Forum on the “Tax Consequences of Canceled Debt”.https://www.fiercereads.com/wp-content/languages/new/executive-resume-writing-service.html The presenter for the phone forum was Anne Freeman, chief of the Individual Review section of […]
Courtesy of the Internal Revenue Service – IR-2008-87, July 8, 2008 WASHINGTON — National Taxpayer Advocate Nina E. Olson today delivered a report to Congress that identifies the priority issues the Office of the Taxpayer Advocate will address in the coming fiscal year. Among the key areas of focus will be improving IRS procedures to […]
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