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How to Account for Debt Forgiveness: Revision history

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21 March 2023

  • curprev 08:1508:15, 21 March 2023 Lukegao1 talk contribs 1,587 bytes +1,587 创建页面，内容为“ Debt forgiveness is when a lender cancels all or a portion of the debt owed by a borrower. When debt is forgiven, it has tax implications for both the borrower and lender. Here's how to account for debt forgiveness: For the borrower: 1. Determine the amount of debt forgiven: The borrower must first determine the amount of debt that has been forgiven. This is the amount that the lender has agreed to cancel. 2. Report the forgiven debt as income: The amount…”
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