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Forum Post: Debt Discharge and Taxes

Posted 2 years ago on Nov. 14, 2012, 4:18 p.m. EST by ReginaldSpokane (2) from McHenry, IL
This content is user submitted and not an official statement

Folks, please be completely aware that once a debt is discharged by a bank, company or OWS for that matter, the person whose debt was discharged will have to pay taxes on the dollar amount. The IRS considers discharged debt an "income" and taxes it. Sorry for the bad grammar, etc... thought this was super important to share.

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