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Kevin posted an update
4 years ago
How-to-Create-a-Luxury-Event-Venue-in-Your-Backyard
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J. Larry Bloodworth posted an update
4 years ago

Speaking of taxes...

There has been a lot of controversy over the student loan bailout program. Whether a person is for it, or against it, it\'s costing taxpayers money. Here\'s a tidbit of tax information few, if any, think about.

I\'ll start off with a hypothetical scenario. Let\'s say a person gets $10,000 in loan forgiveness. That\'s a taxable event. The person that gets a $10K in loan forgiveness still owes the tax that would be due on the $10K. Yes, they owe state and federal income tax on $10K because loan forgiveness is viewed in the same light as if it were income.

IMHO, if a person can\'t afford to pay off their student loan, they would be hard-pressed to have the money for the taxes due on $10K worth of loan forgiveness. Think about it...

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