Cancellation of Debt

Generally, if a debt a taxpayer owes is canceled or forgiven, other than as a gift or bequest, the taxpayer must include the canceled amount in income. This complex topic is not covered in this lesson.

There is a specialty course on Link & Learn Taxes on cancellation of debt for volunteers with an Advanced, Military, or International Certification. This specialty course, Cancellation of Debt (COD) is optional. Check with your Site Coordinator to determine whether you should be certified in this topic.

Health Savings Accounts (HSA)

Health Savings Account distributions that are not used for qualified medical expenses may be reported as "other income." This topic is not covered in this lesson.

There is a specialty course on Link & Learn Taxes on HSAs for volunteers with an Intermediate or higher certification. This specialty course, Health Savings Accounts (HSAs), is optional. Check with your Site Coordinator to determine whether you should be certified in this topic.