Page 43 - Other Income for Individuals
P. 43

Cancelled Debt




          Understanding other income is required for tax filing.










                              Speak with us if you
                                need help in filing
                                taxes.                                                     Verify your tax
                                                                                             statements for other
                                                                                             income inclusion.

                        You must include the
                          canceled amount in
                          your income.






                                                                                                   If your financial
                                                                                                    institution offers a
                                                                                                    discount for the early
                                                                                                    payment of your
                                                                                                    mortgage loan, the
                                                                                                    amount of the discount
                                                                                                    is canceled debt.







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