If so, and not sure if it is still in effect, that so called profit can be forgiven.
Here is the link http://www.irs.gov/newsroom/article/0,,id=174034,00.html I got hit with a 40k tax bill, but due to this little unknown fact, it was forgiven. The law Valid untill 2012
Answer by Knit2Purl2 at 5:00 PM on Apr. 21, 2011
Answer by slw123 at 4:53 PM on Apr. 21, 2011
Answer by Anonymous at 5:09 PM on Apr. 21, 2011
Answer by voni681 at 9:00 PM on Apr. 21, 2011