How to Eliminate Taxes on Debt Forgiveness
- Author Name: Daniel J. Pilla
- Product Code: TAXPUB001
There is hope. Dan Pilla talks with people who have been caught up in the above scenario every week.
For this reason, Dan wrote the book HOW TO ELIMINATE TAXES ON DEBT FORGIVENESS.
The Bad News - America's Financial Crisis is Taking an Unimaginable Toll
- Since 2008, the number of consumer bankruptcies has skyrocketed
- Americans are losing their homes more often now than at any time since the Great Depression
- Consumer credit card debt has soared and our savings have all but disappeared
- Businesses are failing and citizens are losing their jobs at an alarming rate
- And despite historic low interest rates, people are defaulting on business and personal loans, credit cards, car loans, mortgages and student loans
- Bankruptcies – Foreclosures – Repossessions – Defaults - Short Sales - Loan Restructurings
All of these are happening at tragically high rates — And there's no end in sight.
As bad as these financial nightmares are, things get even worse when the IRS shows up.
Home foreclosures, credit card debt forgiveness, short sales, canceled student loans, even negotiated settlements with creditors can lead to debt forgiveness income.
"What's that?" you ask. That's when you get IRS Form 1099-C saying that you actually received "income" when your debt was forgiven. So on top of all the other bad news, the IRS expects you to pay taxes on phantom income! This adds insult to your already painful financial injury and can lead to enormous tax debts, including penalties and interest. What starts out as a difficult financial situation quickly becomes an impossible one!
The Good News: Debt can be negotiated, sometimes even canceled, including
- Credit card debt
- Business loans
- Personal loans
- Hospital bills, and more
Daniel J. Pilla's HOW TO ELIMINATE TAXES ON DEBT FORGIVENESS teaches you How to avoid taxes on debt forgiveness income. He shows you how to cancel this “phantom” income.
THE GREAT NEWS!!!
"Pilla is coming to the rescue again." – Booklist
This Manual gives you everything you need to handle debt forgiveness income, including:
- Dan's simple analysis of little-known rules, laws and strategies for dealing with any 1099-C
- Easy-to-understand procedures that guide you every step of the way
- Forms, instructions and worksheets even your tax preparer probably doesn't know about
- 7 different procedures to keep the IRS from taking money you don't owe
- Dan's analysis of new tax laws that help in case of a home foreclosure or short sale
- How to handle canceled student loans
- 3 proven strategies to avoid the crushing effects of an incorrect or improper Form 1099-C
- Even if you already paid taxes on canceled debt, you may be able to get your money back.