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Submitted By: JL
Answered: July 16, 2013 8:30 am
Answered: July 16, 2013 8:30 am
Is all credit card debt that’s forgiven taxable?
Yes, if the credit card borrowing is for consumer purchases. There is no exemption from cancellation of debt (COD) income for personal borrowing other than a home mortgage if forgiveness is completed before the end of this year.
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Tax Glossary
Appreciation in value
Increase in value of property due to market conditions. When you sell appreciated property, you pay tax on the appreciation since the date of purchase. When you donate appreciated property held long term, you may generally deduct the appreciated value.
