For Beyond 50's "Finance" talks, listen to an interview with Dan Pilla. For
over three decades, he has been the nation's leader in taxpayers'
rights defense and IRS abuse prevention and cure. Pilla is back on the
show to let you know that you don't have to pay taxes on canceled debt.
Home foreclosures, credit card debt forgiveness, short sales, canceled
student loans, even negotiated settlements with creditors can lead to
debt forgiveness income. That's when you get IRS Form 1099-C saying
that you actually received "income" when your debt was forgiven. So on
top of all the bad news, the IRS expects you to pay taxes on phantom
income! This adds insult to your already painful financial injury and
can lead to enormous tax debts, including penalties and interest.
Also, you'll learn about 7 different procedures to keep the IRS from taking money you don't owe; how to handle canceled student loans; and Pilla's analysis of new tax laws that help in case of a home foreclosure or short sale.