In some cases, forgiven debt becomes income. I had a tenant who defaulted and stuck me with close to $30,000 by the time we got done with repairs liar err lawyer costs etc. When I wrote off the debt, my accountant made me send her a letter asking if she wanted the debt forgiven or intended to pay. You can guess the reply. We then sent her a letter advising it had been forgiven. At year end, sent her a 1099. That cost her welfare benefits for three years and got her kicked off section eight housing. Got me four new tires. Oh well, the ones her "friend" slashed were old anyway.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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