Hello,

We had a family business that went under, Unfortunately I was the one that had used my personal credit to get lines of credit and a business credit card that everyone used for materials/fuel etc.

After the business failed we still owed 25k on the card, I could not pay this so after many years of working with them I settled for less and slowly and painfully paid it off.

Now I get a large cancellation of debt and when I put it into my taxes it significantly raises my amount due.. It looks like it puts me into a higher bracket and also takes away some other deductions such as child tax credit.

Is there anything I can do to not claim this as income since it really wasn't my income?

Thanks in advance.