Byron Fortmann: I am a consumer protection lawyer in Ohio and your lawyer and the good accountant are correct. You owe no taxes on the debt forgiven in bankruptcy.
Ty Kirton: Yes, but what about debt discharged in other ways? Some folks claim that discharged student loans, based in permanent disability is considered by the jokers at IRS to be income. If so, this is a crock.
An Trebil: You owe no taxes on your forgiven debt.Good thing to or that would be really backwards and would hurt the person you just helped.Check out my Personal Finance blog for more finance information. http://personal-financial-advising.blogspot.com/...Show more
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