[midnight1275]

I have to pay taxes on a debt cancellation and need to figure out how much I would have to pay the IRS. I always claim single if that matters.
The amount I owe on is 1,991.04. What would I have to pay the IRS? I also live in the state of ri. Thanks!

[MukatA]

It will be treated as your ordinary income. Report this on your tax return. Read about debt cancellation, Your U.S. Tax Return: The U.S. Income Tax Topics 1