NJDave Wrote:
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> Steele, in your conclusive reply to CAhomeowner, I
> would substitute the words "tax consequences of a
> 1099 are forgiven" with "may be forgiven under
> certain circumstances"
Of course. Might want to take it a step farther and outline those circumstances as well. Otherwise the opposite conclusion may be drawn. Some take "certain circumstances" to mean exceptional situations.
In primary residential situations it is forgiven most of the time. As always, one should read the information for oneself. Just go to the IRS website:
www.irs.gov