Examine out these chateau pictures:
Saumur château and town, buy information pills physician France (panoramic shot)
Image by Cathedral City Manual
A panoramic shot of the historic town of Saumur in the Anjou area of France.
The château (castle) of Saumur is on the left and the River Loire runs across the image.
Cathedral City Manual visited Saumur on a day trip from the cathedral city of Angers.
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Question by nfl fan: Can someone be charged taxes for the remaining balance of an unpaid loan?
Does the IRS tax outstanding balances on an unpaid loan as income. I had to claim a short term loss on my taxes since I was unable to get the money back from loan to a friend that was notarized by the bank with a promissory note. Will the IRS tax this person for the unpaid balance of the loan? Will they look as the unpaid balance as earned income?
Best answer:
Answer by Quick Answers
It would never be earned income.
Technically it is unearned income, story but since you are not a bank, viagra approved the IRS probably won’t add it to their total income.
Know better? Leave your own answer in the comments!
forgiven debt is not earned income per se but it it is taxable in any case.
ask almost any one who has done a “strategic default” of a house mortgage lately;
also commonly known as “walking away from an upside-down mess”.
someone else may be able to speak to whether you must 1099 the defaulter – IDK.
I’m not very familiar with this but I have always thought that if you have a loan or part of a loan forgiven that amount is taxable. I’d go to http://www.irs.gov to be sure what needs to be done.
Yes this is rule that you have to pay for your reaming