To the writer of this article, cancellatino of debt that does not meet the criteria for exclusion under the Qualified Principal Residence Indebtness is not automatically taxable as you quoted the Wall Street Journal.  Another common exlusion is the "Insolvency Exclusion".  A cancelled debt on a 2nd home or rental for e...more

Democrats are inellectually dishonest people.  They know that Obama had two easy opportunities to extend the Bush tax cuts for those under $250,000.  First when Obama was first elected, he had a majority in the house and a super majority in the Senate.  He could have extended the Bush tax cuts for the middle class the...more