How about taxing them?

You still owe $5k on your loan and it's forgiven, guess what, you're getting a 1099 for $5k.

If you're a waitress and you've been paying off college loans for more than 10 years, well.......

Replies:

They did this for PPP loans that were forgiven - catripledomer 2024-02-23 14:31:28
- lenders were able to do it for sales of houses - jt 2024-02-24 11:00:53
  - Cancelation of debt has always been taxable as income. - EricCartman 2024-02-25 09:51:43
- PPP was taxable income? I hadn't seen that - gregmorrissey 2024-02-23 14:57:15
  - It counted as revenue on the income statement - catripledomer 2024-02-23 17:24:52
    - No it didn’t. Unless recipient wrongly claimed forgiveness - gregmorrissey 2024-02-23 17:38:00
      - I will check Federal vs. State, but I am 100% positive it - catripledomer 2024-02-23 22:02:37
        That doesn’t mean it was taxed - gregmorrissey 2024-02-23 22:31:48
        Except, the feds forced businesses to shut down. - EricCartman 2024-02-23 23:54:56
        We’re talking about the double dip which cost me $150b - gregmorrissey 2024-02-24 08:04:06
        This was not a gift. It changed decision-making - catripledomer 2024-02-24 19:52:56
        It was not taxable. So you might want to amend. - gregmorrissey 2024-02-25 07:42:16
        What’s the JE to remove the loan? - EricCartman 2024-02-25 09:55:37
        Depends. Doesn’t really matter. Just a tax vs book differenc - gregmorrissey 2024-02-25 10:20:01
        I understand tax vs GAAP. I passed the CPA exam. - EricCartman 2024-02-25 22:36:30
        There’s nothing at play. It’s just basic math. - gregmorrissey 2024-02-26 00:29:49
        IRS says no double-dipping (see link) - EricCartman 2024-02-26 08:57:00
        Outdated. Congress codified in the next COVID bill - gregmorrissey 2024-02-26 09:23:17
        Thanks. - EricCartman 2024-02-26 14:32:42
        Hope you understand my frustration over the last 2 years - gregmorrissey 2024-02-26 21:48:25
Traditionally, it has been. - FaytlND 2024-02-23 12:17:49