TaxAudit Blog

Tag: COD

Cancellation of Debt (COD) Income

When you are relieved of debt through the cancellation of debt, that amount is considered to be income to you, even though you did not receive cash.

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Man in swimming pool holding up trophy and Gold Medal

The IRS is well aware that the U.S. Olympic Committee pays medalists a cash bonus of $25,000 for winning gold, $15,000 for silver, and $10,000 for bronze.

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Lake at the base of mountains

I live in Georgia but work in the oilfields of Alaska as a Form 1099-MISC contractor.  Am I allowed to deduct my airfare and hotel and meal expenses for travel?

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Clock pointing the time hands towards the word TAX

You got your return filed on time and you’ve got a nice big refund coming. But the funds don’t show up in your bank account when you expected them to. Now what?

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Silhouette of Micheal Jackson

Michael Jackson stirs up many good memories for me. I mean he is the Elvis of my generation. I vividly remember getting his Thriller record for Christmas...

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stack of large books

 It’s a long story that begins long before the arrival of the first Form 1040 Income Tax Return of Annual Net Income of Individuals...

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