How to Eliminate Taxes on Debt Forgiveness
- Author Daniel J. Pilla
- Product Code: ESDB005
- Availability: In Stock
1099-C saying you owe taxes on the amount of debt you were told was forgiven? Now you owe the IRS thousands?
This book teaches you all the insider tips, tricks and secrets to avoiding taxes on Debt forgiveness income. Dan shows you how to cancel this “phantom” income. If your client has debt forgiveness for any reason, you need this book on your shelf. This book will help you deal with any IRS Form 1099-C that you get from the IRS. (8 ½ x 11 format 123 pages, includes a CD).
America's Financial Crisis is Taking an Unimaginable Toll
- Since 2008, the number of consumer bankruptcies has skyrocketed
- Americans are losing their homes more often now than at any time since the Great Depression
- Consumer credit card debt has soared and our savings have all but disappeared
- Businesses are failing and citizens are losing their jobs at an alarming rate
- And despite historic low interest rates, people are defaulting on business and personal loans, credit cards, car loans, mortgages and student loans
Bankruptcies – Foreclosures – Repossessions – Defaults - Short Sales - Loan Restructurings
All of these are happening at tragically high rates — And there's no end in sight.
This Manual gives you everything you need to handle debt forgiveness income, including:
- Dan's simple analysis of little-known rules, laws and strategies for dealing with any 1099-C
- Easy-to-understand procedures that guide you every step of the way
- Forms, instructions and worksheets even your tax preparer probably doesn't know about
- 7 different procedures to keep the IRS from taking money you don't owe
- Dan's analysis of new tax laws that help in case of a home foreclosure or short sale
- How to handle cancelled student loans
- 3 proven strategies to avoid the crushing effects of an incorrect or improper Form 1099-C
- Even if you already paid taxes on cancelled debt, you may be able to get your money back.
As bad as these financial nightmares are, things get even worse when the IRS shows up.
Home foreclosures, credit card debt forgiveness, short sales, cancelled student loans, even negotiated settlements with creditors can lead to debt forgiveness income.
"What's that?" you ask. 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 other 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. What starts out as a difficult financial situation quickly becomes an impossible one!
- Debt can be negotiated, sometimes even cancelled, including
- Credit card debt
- Business loans
- Personal loans
- Hospital bills, and more
Daniel J. Pilla is a tax litigation consultant, licensed to practice in US tax Court as well as an Enrolled Agent. Premier proponent and advocate of taxpayer rights. For over three decades, Dan has been tremendously successful in his negotiations with the IRS. Regarded as one of the country’s premiere experts in IRS procedures, Dan provides people across the country with sound solutions to their tax-related problems. He has helped countless thousands of citizens solve personal and business tax problems they thought might never be solved. Furthermore, Dan’s proven techniques can effectively prevent IRS problems before they begin.
Daniel J. Pilla's HOW TO ELIMINATE TAXES ON DEBT FORGIVENESS teaches you How to avoid taxes on debt forgiveness income. He shows you how to cancel this “phantom” income.
