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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: orkrious who wrote (87056)9/28/2007 6:57:34 PM
From: lifeisgood  Respond to of 110194
 
Congress is working on that as we speak. Probably will get done soon. If not, they'll make it retroactive to 1/1/07.

best...

LIG



To: orkrious who wrote (87056)9/28/2007 7:21:03 PM
From: TimbaBear  Respond to of 110194
 
This is all I've seen so far:
stabenow.senate.gov



To: orkrious who wrote (87056)9/29/2007 8:36:36 AM
From: Logain Ablar  Respond to of 110194
 
ork

debt forgiveness is taxable income. mortgage, credit card, etc. and is reported by the lender to the borrower on a 1099.

A nasty surprise to the individual and typically you can't match the loss on the asset to the gain on the loan forgiveness.

something in Bush's proposal was to have the Treasury back off on this but no clue as to the details. Congress should pass something hopefully this year.


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