Primer: When Cancellation of Debt (COD) Income Can Be Tax-Free

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Sometimes debts can pile up beyond a borrower’s ability to repay, especially if we are heading into a recession.  But lenders are sometimes willing to cancel (forgive) debts that are owed by financially challenged borrowers.  While a debt cancellation can help a beleaguered borrower survive, it can also trigger negative tax consequences. Or it can […]

Crowdfunding: Is It Taxable?

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Crowdfunding is a national and international phenomenon. Over $17 billion is raised yearly in North America through world-famous websites such as GoFundMe and Kickstarter. All this crowdfunding activity leads to an obvious question: Is the money raised this way taxable income for the recipients? You might be surprised to learn that the courts and the […]