What does CODI mean in UNCLASSIFIED
CODI is an acronym which stands for Cancellation of Debt Income. It refers to the taxable income that results from the discharge or cancellation of a debt owed by a taxpayer or entity. This term is most commonly used when referring to debts in excess of $600 that are forgiven, canceled or otherwise discharged.
CODI meaning in Unclassified in Miscellaneous
CODI mostly used in an acronym Unclassified in Category Miscellaneous that means Cancellation Of Debt Income
Shorthand: CODI,
Full Form: Cancellation Of Debt Income
For more information of "Cancellation Of Debt Income", see the section below.
Essential Questions and Answers on Cancellation Of Debt Income in "MISCELLANEOUS»UNFILED"
What is CODI?
CODI stands for Cancellation of Debt Income and it refers to the taxable income that results from the discharge or cancellation of a debt owed by a taxpayer or entity.
How much debt must be owed for it to be considered CODI?
The amount of debt must be at least 0 in order for it to be considered CODI.
Where can I find more information on CODI?
Additional information regarding CODI can be found on tax-related websites and materials.
Is CODI taxable?
Yes, any debt that is forgiven, canceled or otherwise discharged in excess of 0 will result in taxable income known as Cancellation Of Debt Income (CODI).
Who is responsible for paying taxes on CODI?
Generally, the taxpayer who is being discharged from the debt will be responsible for reporting and paying taxes on any Cancellation Of Debt Income (CODI).
Final Words:
In summary, CODI stands for Cancellation Of Debt Income which refers to the taxable income that results from debts over $600 being discharged, forgiven or canceled by an entity such as a lender. Taxpayers are generally responsible for reporting their own CODI and paying taxes accordingly.
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