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2. Nonrecourse debt - Wikipedia

   en.wikipedia.org/wiki/Nonrecourse_debt

   Nonrecourse debt or a nonrecourse loan (sometimes hyphenated as non-recourse) ... The $35,000 excess of the fair market value over the adjusted basis ($80,000 less ...

3. Commissioner v. Tufts - Wikipedia

   en.wikipedia.org/wiki/Commissioner_v._Tufts

   Commissioner v. Tufts, 461 U.S. 300 (1983), was a unanimous decision by the United States Supreme Court, which held that when a taxpayer sells or disposes of property encumbered by a nonrecourse obligation exceeding the fair market value of the property sold, the Commissioner of Internal Revenue may require him to include in the “amount realized” the outstanding amount of the obligation ...

4. What Is a Non-Recourse Loan? - AOL

   www.aol.com/non-recourse-loan-150142154.html

   A non-recourse loan is a type of debt that’s secured by collateral, such as an individual’s car, house or another typically illiquid asset. Consult with a local financial advisor today. How ...

5. Crane v. Commissioner - Wikipedia

   en.wikipedia.org/wiki/Crane_v._Commissioner

   This case supports the doctrine of U.S. income tax law that a seller of property subject to a nonrecourse debt (as opposed to a recourse debt where the seller may remain liable for any unsatisfied balance remaining after the transfer) realizes an amount that includes the debt assumed by the purchaser. This is an important concept because a ...

6. 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 ...

7. Non-mortgage debt balances are declining in 2024 - AOL

   www.aol.com/finance/non-mortgage-debt-balances...

   The average non-mortgage debt balance of $23,066 is still significantly larger than the $20,908 average in 2020. But in the face of 23% credit card APRs and near $50,000 average sticker prices for ...

8. Deficiency judgment - Wikipedia

   en.wikipedia.org/wiki/Deficiency_judgment

   [1] The availability of a deficiency judgment depends on whether the lender has a recourse or nonrecourse loan, which is largely a matter of state law. In some jurisdictions, the original loan(s) obtained to purchase property is/are non-recourse, but subsequent refinancing of a first mortgage and/or acquisition of a 2nd (3rd, etc.) are recourse ...

9. Should you use a home equity loan to pay off your debts? - AOL

   www.aol.com/finance/home-equity-loan-debt...

   Debt management plan: Nonprofit credit counseling agencies can work with you to create a plan that’s best for your finances. An agency will negotiate your rate and payment with lenders so you ...