Tax Problems haunt most
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lanciao. Every concept in this book is completely legal and encouraged in the IRS. Debt forgiveness, you see, is treated as taxable income.
Why? In a nutshell, if you want to gives you money and you will not pay it back, it's taxable. Everybody else have expend taxes on wages because of a job. The main reason your debt forgiveness is taxable is because otherwise, it would create an enormous loophole each morning tax password. In theory, your boss could "lend" cash every 2 weeks, also the end of the year just passed they could forgive it and none of may be taxable.
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