If a student loan is discharged, is the discharged amount taxable?
- David Greene
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Not in all cases. The general rule is that, if a debt you owe is discharged, the amount discharged now becomes income to you because you do not have to pay back the debt. I.e., you received money and used…
Will my student loan debt forgiveness be taxable?
- David Greene
- Comments Off on Will my student loan debt forgiveness be taxable?
When you take out student loans, you are borrowing money and are legally obligated to repay a fixed or determinable amount at a future date. You have a debt. Under the Income-Based Repayment (IBR) plan, your student loans will be…