Tax for settling
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Posted by Information_needed
(12.75.112.122) on November 17, 2002 at 19:09:07:
I recently settled with a creditor for less than full balance and the amount I was forgiven was about $2,500. I don't have a house or a car or other assets which when sold would have been enough to pay the debt. Will I have to pay tax on this amount? I looked at the form 982, but did not have a clue how to fill it out. I will probably go to some tax preparer. Please help me with information.
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