Since 2008, the number of bankruptcies and home foreclosures has skyrocketed.
If it happened to you in 2013, your debt may have been canceled, but you could still owe the Internal Revenue Service taxes on that forgiven debt.
It's bad enough to lose your home to foreclosure, to have your car repossessed, or to be forced to file for bankruptcy. But as awful as those things are, your financial nightmare could be even worse when the IRS shows up and slaps you with a form 1099-C.
A 1099-C is a tax form that says 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 that non-existent income, turning a difficult financial situation into an impossible one.
Tax expert Dan Pilla says you don't have to add insult to injury and you don't have to pay taxes on canceled debt.
His new book and DVD, called How to Eliminate Taxes on Debt Forgiveness, is a step-by-step guide on how to avoid paying taxes on canceled debt.
Dan Pilla appeared on The 700 Club to talk more about how to avoid getting hit with a tax bill, on Monday. Click play to watch.
To contact us or to submit an article, click here.
Get Charisma's best content delivered right to your inbox! Never miss a big news story again. Click here to subscribe to the Charisma News newsletter.
Five ways to deepen your relationship with God, increase your faith and save money!
- Deepen Your Relationship with God with a FREE eCourse: Click Here to view all of our free e-Courses. Favorite topics include Fear, Forgiveness, Holy Spirit, Supernatural, and How to Hear God.
- Super Discounts and Close-Out Specials: Click Here to view all our bundles and close-out specials and save up to 86%! Prayer, Holy Spirit, Anointing, the Supernatural and more.
- God Wants to Anoint Women Now: Rise up and enter the anointing of Deborah, Anna, Esther, Ruth and Hannah. You were called to go higher. Click Here to learn more.
- Change Your Atmosphere and Circumstances Through Prayer! John Eckhardt's prayer bundle gives you six powerful books to help you pray and change any situation. Click Here.
- HUGE Bible Sale!: Click Here to save up to 50% off a great selection of Bibles. Plus, get a free gift with each order!
Attention Pastors and Leaders: Leadership training and development are crucial for success. Enroll in a FREE 1-hour leadership mini-course by Dr. Mark Rutland. View Details