Forgiving a debt


W

Will L

I received an early Christmas present today. I bought a car from my
employer and had been making payments on it. Today, the boss called me
into the office and told me the company was forgiving my loan and that
henceforth there would be no more car payments.
How should I relieve the loan in Money 2004? Update amount owed as
$0.00?
Cool boss, huh?

Thanks.
 
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C

Cal Learner-- MVP

I received an early Christmas present today. I bought a car from my
employer and had been making payments on it. Today, the boss called me
into the office and told me the company was forgiving my loan and that
henceforth there would be no more car payments.
How should I relieve the loan in Money 2004? Update amount owed as
$0.00?
Cool boss, huh?
Yes. However you still might get a 1099 for the amount. Or it might
be an adjustment of the original purchase price of the car. I would
wait until you get your 1099 to see how to handle it.
 

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