If a person has a discharge of indebtedness or a cancellation of debt, it may result in taxable income.  It is also possible that the discharge or cancellation may be excluded under certain conditions.  If you need help in knowing if your cancelled or discharged debt is taxable or not please call Steve Pearson, C.P.A. at 858-695-1040.

If you have a short sale or foreclosure on your personal residence in San Diego, Mira Mesa, Scripps Ranch, Rancho Penasquitos, or 4S Ranch you may have taxable income from the cancelled debt or some or it may be forgiven.  For more information contact Steve Pearson CPA at stevecpa50@yahoo.com or (858) 695-1040.
Steve Pearson, CPA