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  2. How to get out of debt without paying - AOL

    www.aol.com/finance/debt-without-paying...

    Perkins Loan Cancellation: Teachers, firefighters, law enforcement officers and others are eligible for Perkins Loan cancellation or discharge. Cancellation can happen over the course of five ...

  3. What is debt forgiveness? - AOL

    www.aol.com/finance/debt-forgiveness-202301471.html

    The IRS’s strict criteria mean you may not be eligible for the OIC program. Mortgage debt forgiveness Technically, mortgage debt isn’t forgiven unless there is a deficient balance after the ...

  4. Are personal loans taxable? How personal loans affect your ...

    www.aol.com/finance/personal-loans-affect-tax...

    Exception: Cancellation of debt (COD) income If there’s ever a point where your loan gets fully or partially canceled, you’ll receive a 1099-C tax form from your lender that issued the ...

  5. Cancellation-of-debt income - Wikipedia

    en.wikipedia.org/wiki/Cancellation-of-debt_income

    Therefore, a cancellation of a $20,000 debt will not need to be reported as gross income. However, if a debt of $60,000 was cancelled, the taxpayer will have $10,000 in gross income because their total liabilities no longer exceed their total assets (cancelling $60,000 in debt means the taxpayer now has only $40,000 in liabilities).

  6. Debt relief - Wikipedia

    en.wikipedia.org/wiki/Debt_relief

    Debt relief or debt cancellation is the partial or total forgiveness of debt, or the slowing or stopping of debt growth, owed by individuals, corporations, or nations. From antiquity through the 19th century, it refers to domestic debts, in particular agricultural debts and freeing of debt slaves.

  7. Internal Revenue Code section 61 - Wikipedia

    en.wikipedia.org/wiki/Internal_Revenue_Code...

    One form of income listed in the Code, that of "discharge of indebtedness" is not often considered income by lay persons. If, however, a taxpayer owes a debt to any other party, and that debt is forgiven without being fully repaid, the taxpayer must as a general rule declare the forgiven amount as income, and must pay tax on it. [6]

  8. What Is IRS Form 1099-C: Cancellation of Debt? - AOL

    www.aol.com/irs-form-1099-c-cancellation...

    If you have debt that is canceled by a lender, you may receive IRS Form 1099-C. Although you are no longer liable to repay the debt, you can't simply forget about it. The IRS may consider the ...

  9. Zarin v. Commissioner - Wikipedia

    en.wikipedia.org/wiki/Zarin_v._Commissioner

    According to the decision, a cancellation of debt through settlement proceedings, no matter the amount of pre-settlement indebtedness, releases the taxpayer from the debt obligation without creating taxable income. "The excess of the original debt over the amount determined to have been due is disregarded for both loss and debt accounting ...