While many taxpayers may be excited about the prospect of reduced loan balances as part of Biden’s Loan Forgiveness Program, they may have questions about the potential tax consequences of that forgiveness. Under normal circumstances, creditors that discharge debt issue a corresponding Form 1099-C Cancellation of Debt to the debtor for inclusion in that year’s income. While the administration works out the kinks in the loan forgiveness plan, it’s important to understand the current provisions of the Internal Revenue Code and the general principles that govern these situations. Read on to learn more.
Joshua K. Crawford (Josh) is the Managing Partner at Kulas Crawford & Smith, where he helps families navigate Estate Planning and Elder Law with clarity and care. A proud graduate of the Florida State University College of Law, where he finished in the top 8% of his class, Josh has guided thousands of families in protecting what matters most. He’s passionate about making the estate planning process simple, personal, and stress-free for every client... Read More!
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