Do I Have to Pay Taxes on IRS Cancellation of Debt Income, from the Taxpayer Advocate Service

This message is from Nina Olson, the National Taxpayer Advocate and your voice at the IRS. It is one of a series of videos with consumer tax tips about important tax issues you may be facing. This series focuses on the issue of cancellation of debt. The tax consequences of cancellation of debt is discussed in this video.
The Taxpayer Advocate Service (TAS), an independent organization within the IRS, is Your Voice at the IRS. TAS helps taxpayers resolve problems with the IRS and recommends changes that will prevent the problems. For additional information, please visit www.irs.gov/adv....
To learn more about TAS, and your rights and responsibilities as a taxpayer, visit our website at www.taxpayeradv....
The IRS UA-cam Channel can be found at:
/ irsvideos .
(This video is closed captioned.)