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What’s the best way to compensate for the “tax bomb” student loan forgiven
| bitconnect | 10/10/24 |
| TRUMP TEAM SIX | 10/10/24 |
| bitconnect | 10/10/24 |
| how was this moniker available | 10/10/24 |
| bitconnect | 10/10/24 |
| ,,.,.,,,.,.,.,.,.,.,.,,.,,.,.,.,..,., | 10/10/24 |
| bitconnect | 10/10/24 |
| ,,.,.,,,.,.,.,.,.,.,.,,.,,.,.,.,..,., | 10/10/24 |
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Date: October 10th, 2024 12:59 PM Author: bitconnect I’m going to have about 300k of law school loans forgiven with PAYE. Are there any good tax tricks that a small firm owner can do to offset the tax bomb? (http://www.autoadmit.com/thread.php?thread_id=5609612&forum_id=2...id#48184086) |
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Date: October 10th, 2024 1:00 PM Author: TRUMP TEAM SIX u are poor if u got them forgiven right? (http://www.autoadmit.com/thread.php?thread_id=5609612&forum_id=2...id#48184090) |
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Date: October 10th, 2024 1:02 PM Author: bitconnect I’m not just going to give away money if I can pay $0 (http://www.autoadmit.com/thread.php?thread_id=5609612&forum_id=2...id#48184101) |
Date: October 10th, 2024 1:02 PM Author: how was this moniker available i have always assumed the tax bomb will be addressed because you otherwise you will have a situation where millions of people have material tax obligations they are patently unable to cover. (http://www.autoadmit.com/thread.php?thread_id=5609612&forum_id=2...id#48184102) |
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Date: October 10th, 2024 1:04 PM Author: bitconnect That would be great. But assume it isn’t addressed (http://www.autoadmit.com/thread.php?thread_id=5609612&forum_id=2...id#48184109) |
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Date: October 10th, 2024 1:03 PM Author: ,,.,.,,,.,.,.,.,.,.,.,,.,,.,.,.,..,., main trick is be insolvent (i.e. don't have assets) since there is no forgiveness income to the extent your liabilities exceed your assets. shouldn't be hard to pull off for most people benefitting from loan forgiveness lol (http://www.autoadmit.com/thread.php?thread_id=5609612&forum_id=2...id#48184106) |
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Date: October 10th, 2024 1:27 PM Author: bitconnect It counts as income for taxes, doesn’t it? (http://www.autoadmit.com/thread.php?thread_id=5609612&forum_id=2...id#48184195) |
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Date: October 10th, 2024 2:54 PM Author: ,,.,.,,,.,.,.,.,.,.,.,,.,,.,.,.,..,., no that's what i'm saying, it isn't income to the extent you are insolvent, see IRC §108(a)(1)(B) & (d)(3). the extent of your assets essentially becomes the "cap" of your forgiveness income (so 100k forgiven, 0 assets, no forgiveness income, 100k excluded due to insolvency exception; 100k forgiven, 25k assets, 25k forgiveness income,75k excluded due to insolvency exception) (http://www.autoadmit.com/thread.php?thread_id=5609612&forum_id=2...id#48184536) |