How to report the anticipated loan forgiveness amo...

alexlevincpa1 · ‎01-25-2021

IRonMaN · ‎01-25-2021

If it is "anticipated", it isn't income. When it actually is forgiven, then you have tax exempt income ------- at least for federal purposes.

Sign up here for pot stirring classes - 7:00pm Thursdays

itonewbie · ‎01-25-2021

This discussion may also help, when it is actually forgiven?

---------------------------------------------------------------------------------
Still an AllStar

How to report the anticipated loan forgiveness amount on the 1120S as tax-exempt income?