Connect with and learn from others in the QuickBooks Community.
Solved! Go to Solution.
Almost all loans in the US, that are forgiven, are income to you. Assuming you have the loan in a liability account, do a journal entry
debit loancredit income
Check with a tax accountant, there are some mortgage's that are included in the above, and he would know for sure
View solution in original post
This worked out great to cancel a loan on my client's account. Thank you.
You have clicked a link to a site outside of the QuickBooks or ProFile Communities. By clicking "Continue", you will leave the community and be taken to that site instead.
