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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
Passive activity loss rules
Rules that limit the deduction of losses from passive activities to income from other passive activities. Passive activities include investment rental operations or businesses in which you do not materially participate.
