Debt Forgiveness Can Cause Tax Problems For Dallas Tx Citizens
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During the last few years of economic difficulties, many Texans have reached out to their creditors and obtained amnesty. However, they may have been surprised to find that they'd traded credit card debt for tax problems in Dallas TX. CreditCards reports that the Internal Revenue Service looks upon forgiven debt as income, and the agency requires creditors to provide notification of any amount over $600 that's been forgiven. However, CreditCards also reports the encouraging news that there are a few exceptions to taxing forgiven debt.

If you have been forgiven any portion of student loans but worked as part of the forgiveness program, you shouldn't have to pay taxes on the forgiven loan amounts. Many times, tax problems for Dallas TX graduates can arise when the burden of taxes due compound with student loan debt. Knowing that working off a portion of the debt in exchange for forgiveness of the entire amount won't result in more money due can be a relief.

If your house is foreclosed upon, you no longer owe the mortgage balance, even if the lender is unable to sell the home for enough money to pay off the balance due. The amount that is the difference between the balance and the amount the house sold for is considered a forgiven mortgage debt. In the recent past, the Mortgage Forgiveness Debt Relief Act kept forgiven mortgage amounts from being taxed. From 2015 forward, however, that forgiven debt may become taxable, and you may need to get professional advice to determine how it will affect you tax-wise if your home is in danger of foreclosure.

Typically, tax debt is forgiven if Chapter 7 Bankruptcy is filed, but if you want to avoid bankruptcy you may be able to reach an agreement with the agency to have a portion of your tax debt forgiven. The IRS itself divulges the idea of a compromise agreement that allows the taxpayer to pay less than the full amount owed. Termed an "Offer in Compromise," the IRS will consider offers based on individual situations and assess the ability to pay the full amount versus the amount proposed. This is another case when it's wise to get a professional's guidance to ensure that your proposal is reasonable and will be considered.

If you've got tax problems in Dallas TX, contact the Law Office of William Kunofsky. He has over 30 years' experience dealing not only with the IRS, but also with state agencies such as the Texas Comptroller of Public Accounts. Whatever the issue, from non-filed or back taxes to Offers in Compromise, audits or litigation, William Kunofsky can help. Call him today and don't spend another moment stressing over tax issues.


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