Comments on: Student Loan Forgiveness And Insolvency: Avoid The Tax Bomb

By: Robert Farrington

Robert Farrington — Thu, 05 Jan 2023 18:31:26 +0000

In reply to Aaron. It's based on the date the debt was canceled (i.e. the insolvency date). You report that date on the Insolvency Worksheet. But all of this is moot through 2025 as of now, since any student loan debt is discharge (federal or private) is tax-free.

By: Aaron

Aaron — Thu, 05 Jan 2023 06:57:57 +0000

To be clear, Robert, are you saying that the student loan debt held at the time the debt is forgiven counts towards the debts side of the insolvency equation? In other words it is definitely a matter of timing such that total debts at the time of forgiveness are considered rather than at debts at the end of the tax year?

By: KEVIN WILSON

KEVIN WILSON — Mon, 29 Mar 2021 00:08:50 +0000

In reply to KEVIN WILSON. Never mind thanks again I found It..

By: Robert Farrington

Robert Farrington — Mon, 29 Mar 2021 00:07:16 +0000

In reply to KEVIN WILSON. The link was in the article... here it is again.

By: KEVIN WILSON

KEVIN WILSON — Mon, 29 Mar 2021 00:06:18 +0000

In reply to Robert Farrington. Thanks, but I just checked out that Borrower Defense To Repayment and I didn't see how to apply for it