What does acquisition or abandonment of secured property mean on my income taxes?
Acquisition and abandonment of secured property refers to reportable income that results from forgiven debt. It is important to note, however, that forgiven and canceled debt is not always reportable. According to the IRS, if you borrow money from a commercial lender and the lender later cancels or forgives the debt, you may have to include the canceled amount in income for tax purposes, depending on the circumstances.
