Cancelled Debt Business Impact - Delaware CPA

Canceled Debt – The Business Effect

As a general rule, an individual taxpayer who is not considered insolvent or in bankruptcy may have to treat cancelled debt unrelated to their personal home as taxable income.

Estate Tax Portability

Sharing is Caring – Elect Portability

George Steinbrenner, the former Yankees owner, was in the news in 2010 when he died during a period of time when the estate tax was repealed, but the rest of us will likely not be as lucky (bad word choice?) as the estate tax appears to be around for the foreseeable future.