Someone correct me if I am wrong, is not forgiven debt considered taxable income from the tax code and must be reported on a 1040 and is subject to federal income tax.
Depends on how, and if, it's reported by the debt-holder.
24 posted on 06/08/2015 5:54:35 AM PDT by IYAS9YAS
(Has anyone seen my tagline? It was here yesterday. I seem to have misplaced it.)