Is Cancelled Student Loan Debt Taxable Income?
Generally, canceled debts are included in the gross income of a U.S. taxpayer. Under certain circumstances, the canceled debts can be excluded from gross income by filing IRS Form 982.
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DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal, or accounting strategies demonstrated in this video. Thank you.
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