IRS Publication 4681 covers 1099's "canceled debt", however it's my initial understanding that IRS publications are not federal law, but informational booklets on the interpretation of federal law by the IRS. So, where does it actually dictate canceled debts may be taxed as passed by Congress? Thanks
IRC Section 61. When you borrow money it is not taxed becauze you have to pay it back. If you don't pay it back it then becomes income.
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