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Q&A: Do I Owe Tax When I Settle Credit Card Debt with Collectors? episode artwork

EPISODE · Jan 7, 2024 · 18 MIN

Q&A: Do I Owe Tax When I Settle Credit Card Debt with Collectors?

from The Diana Richey Podcast · host Diana Richey, JD, CFP®

A listener asks: In 2023, I settled large credit card debts with collectors. I’ve heard that forgiven debt can be treated as taxable income. What should I expect this year on my taxes?This episode explains the general rule but then outlines two exceptions that could provide some tax relief for credit card debt settlement.https://www.irs.gov/forms-pubs/about-form-982https://www.irs.gov/forms-pubs/about-publication-4681 Get full access to Diana Richey, JD, CFP® at dianarichey.substack.com/subscribe

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Q&A: Do I Owe Tax When I Settle Credit Card Debt with Collectors?

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Frequently Asked Questions

How long is this episode of The Diana Richey Podcast?

This episode is 18 minutes long.

When was this The Diana Richey Podcast episode published?

This episode was published on January 7, 2024.

What is this episode about?

A listener asks: In 2023, I settled large credit card debts with collectors. I’ve heard that forgiven debt can be treated as taxable income. What should I expect this year on my taxes?This episode explains the general rule but then outlines two...

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