-
Student Loan Forgiveness – Will it affect my taxes?
We will keep this as simple as possible. On any given day that you have a debt forgiven, the Internal Revenue Service (IRS), treats it as taxable income. Debt forgiveness amounts get reported on form 1099-C and added to your gross income on the tax return of year received. Q. Federal Student Loan forgiveness is technically a forgiveness of a debt, correct? A. Yes. Q. Does that mean I…
