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Website title: Robert P Russo CPA: Personal & Business Accounting Services NYC
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Home equity is often a massive chunk of a person’s net worth, especially later in life. For homeowners who are house-rich but cash-poor, a reverse mortgage is a tool that allows them to convert a portion of that home equity into tax-free cash without having to pack up and sell the property.
Whether the goal is to fund a renovation, eliminate an existing mortgage...
Getting a debt wiped clean feels like an absolute win, but the IRS often sees it differently. Generally, when a lender forgives, cancels, or settles a debt for less than what you actually owe, the government treats that wiped-out balance as taxable income.
Lenders who forgive $600 or more are legally required to send both you and the IRS a