
Life After Death- Tax Surprise For Millions
Millions of Americans have had horrible and challenging years due to the Great Financial Crisis and subsequent meltdown. Many are just now beginning to recover from earlier job losses, health issues, mounting debt and even loss of their homes through foreclosure, deed-in-lieu or short sale. Just as they’re climbing out of the hole they receive a dreaded IRS Form 1099-C or related statement detailing the discharge of indebtedness as miscellaneous income. What does this mean? I