Cancelled Debts(탕감된 부채)
일반적으로 부채가 탕감된 경우, 탕감된 금액이 그 해에 수입으로 간주되어 소득세를 내야 한다. 예를 들어, Credit Card Balance $10,000 을 갚지 않고 은행과 $6,000 에 해결하였다고 가정하면, 갚지 않고 변제된 $4,000 을 소득세보고시 소득으로 신고하여야 한다.
그러나 이 규정에 대한 몇 가지 예외규정이 있다. 대표적인 예는 파산법에 의하여 파산한 경우, 거주하고 있던 집에 대한 융자인 경우, 법에 의한 파산은 아니지만 실제적으로 파산하여 실질적인 자산이 없는 경우 등이다.
Generally, if debt is forgiven, it results in a taxable income to you. However, under the Mortgage Forgiveness Debt Relief Act of 2007, you may be able to exclude up to $2 million of forgiven debt on your principal residence. For married person filing a separate return, the limit is $1 million.
When your debt is reduced or eliminated, you will receive a year-end statement, Form 1099-C, Cancellation of Debt, from your lender. This form will show the amount of debt forgiven and the fair market value of any property foreclosed. Mortgage debt was forgiven or reduced due to the mortgage restructuring, foreclosure or short sale, you also may exclude it from your income.
To qualify, the forgiven debt must have been used to buy and/or refinanced in order to: build or substantially improve your principal residence and be secured by that residence.
Proceeds of refinanced debt used for other purposes such as to pay off credit cards, do not qualify for the exclusion. Debt forgiven on second homes, rental property, business property, credit cards or car loans does not qualify for the tax relief provision. In some cases, however, other tax relief provisions such as insolvency may be applicable. See instructions for Form 982*.
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