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Submitted By: JL
Answered: July 16, 2013 8:30 am
Answered: July 16, 2013 8:30 am
Is all credit card debt that’s forgiven taxable?
Yes, if the credit card borrowing is for consumer purchases. There is no exemption from cancellation of debt (COD) income for personal borrowing other than a home mortgage if forgiveness is completed before the end of this year.
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Tax Glossary
High deductible health plan (HDHP)
For 2007, a high deductible health plan is a health plan with an annual deductible that is not less than $1,100 for self-only coverage or $2,200 for family coverage, and with annual out-of-pocket expenses that do not exceed $5,600 or $11,200, respectively.
