What’s the best way to compensate for the “tax bomb” student loan forgiven
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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\u0026mark_id=5310744",#48184106) |
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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\u0026mark_id=5310744",#48184536) |
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