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Posted on June 25, 2018 - 11:21 AM
by Jeffery Tipton
According to the IRS, debt forgiveness is a taxable event whether the forgiveness occurred as part of a foreclosure, short sale or loan modification which resulted in principal reduction. Please refer to the IRS Publication 4681 (hyperlinks to the PDF) for more information and consult a tax attorney or Certified Public Accountant to discuss your particular situation.