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cancelled debt in a veterans estate
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tkb
Level 1
03-04-2020
11:43 AM
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A veteran passes away owing a debt to the VA on a house. The note was not in default or late prior to his death. There were not enough assets left in the Estate to pay the note (upside down on the house note.) The house was repossessed and the VA paid the bank the guaranteed part of the note. Is there cancellation of debt since the VA will never get the money they paid on the note. The note was completely paid off by the VA so there is not cancellation of debt from the Bank's point of view. Does the Estate then owe the VA and since the VA will never get paid is there cancellation of debt from the VA's side?
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1 Comment 1
qbteachmt
Level 15
03-04-2020
12:25 PM
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You already asked this in the Lacerte forum:
No need to Keep Asking. Look there for your answers.
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"Level Up" is a gaming function, not a real life function.
"Level Up" is a gaming function, not a real life function.
