Friday, August 18th 2017

Question

What is loan forgiveness?

Interesting Question?   (5)   (5)



Answers (1)

19th Nov 2009 by Mark P. Cussen, CFP, CMFC

Loan forgiveness is practiced by creditors as a way to receive a lesser amount of money that what is owed. For example, a credit card company can make an offer to a customer that owes $20,000 saying that they will accept a $5,000 payment instead. They will forgive the other $15,000, which they can then write off on their tax return. The customer will usually receive a Form 1099-C showing the amount of debt forgiven, which the customer must report as income.

Like This Answer?   (0)   (0)
This answer is the subjective opinion of the writer and not of FinancialAdvisory.com



17th Nov 2009 In Finance 1 Answers | 373 Views
Subjects: loan forgiveness,

Answer This Question / Give Your Opinion
What is loan forgiveness?


Answer: *

What country is this answer relevent to? *
Your Name: *

Enter Verification Number: *


Give Your Opinion
What are convertible debentures?
Share a simple answer to help inform others:
Specific to any country?
First name / Alias

• Your answer will be posted here:
What are convertible debentures?
Unanswered Questions in Finance
What is needed to get a loan?
what is the reverse repo rate?
What is a green loan?
What is a commercial loan?
What is a construction loan?

Answered Questions in Finance
What credit score is needed to refinance?
How to get business finance?
What is a residential loan?
How to use a debit card?
How to finance home improvements?
Ask A Question
Get opinions on what you want to know:
Specific to any country?