JUST ASK: Is forgiven debt taxable?

 Is it true that if you don’t pay a business or individual for a product you purchased or a service you received, and that debt is not collected for or had been forgiven, then that is consider income for that person that owed the bill, and that amount should be reported as income on your yearly income taxes?

~ • ~

The best person to ask is your tax advisor or attorney, if you are in this situation.

We found the following on IRS.gov:

Topic 431 – Canceled Debt – Is It Taxable or Not?

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