Student Loan Cancellation Is Taxable Income

Written by Gary North on July 25, 2012

Sometimes a judge will decide to cancel a student’s debt. This is lagal for hardship cases. What students do not understand is this: the IRS regarded a canceled debt as taxable income. This young woman went on total disability. It was a legitimate cause. She had $91,000 in student debts. Now she owes the IRS […]

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