Cancellation of qualified principal residence indebtedness


Question: Which of the following is correct regarding the cancellation of qualified principal residence indebtedness for 2023: a. the entire amount of indebtedness canceled must be included in gross income b. 50% of the amount of indebtedness canceled must be included in gross income c. 10% of the amount of indebtedness canceled must be included in gross income d. the entire amount canceled can be excluded from gross income

 

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Accounting Basics: Cancellation of qualified principal residence indebtedness
Reference No:- TGS03426736

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