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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 loan
credit income
Check with a tax accountant, there are some mortgage's that are included in the above, and he would know for sure
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 loan
credit income
Check with a tax accountant, there are some mortgage's that are included in the above, and he would know for sure
This worked out great to cancel a loan on my client's account. Thank you.
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