How does a loan modification effect your income during tax time? Does the company write off the loss?
Sunday, December 14th, 2008
John D asked:
When a company writes of part of a debt, it is then recorded as income to the IRS and you pay taxes on it. Does the loan modifcation work the same way?
Judy
When a company writes of part of a debt, it is then recorded as income to the IRS and you pay taxes on it. Does the loan modifcation work the same way?
Judy