Text Callout : Key Takeaways - The Most Painful Tax Bill: Forgiven Debt Getting something you expected to pay for at a deep discount or even for free is exciting. In the case of forgiven debt ...

you might end up owing taxes on the forgiven debt depending on the type of debt it was. Fortunately, there are strategies to help you reduce your tax burden for the year. If you're planning on ...

known as a “tax bomb,” because some forgiven debt is taxable. Learn how to prepare for a student loan forgiveness tax bomb. » MORE: Your guide to filing taxes with student loans What is a ...

If your federal student loans were forgiven in 2024, you may be wondering if there are any tax implications. Many borrowers ...

Federally forgiven student debt is not taxable on your federal return through the end of this year. That's because ARPA made federal student loan forgiveness tax-free through 2025. After that ...

Could your debt be reduced or forgiven? Take our financial relief quiz. Find my match Could your debt be reduced or forgiven? Take our financial relief quiz. Having an overwhelming amount of debt ...

Student loan borrowers who had their debt forgiven under the SAVE plan will be required to pay income tax on the canceled ...

One major disadvantage of debt settlement is that the government may tax forgiven or canceled debt as income. This could eat into your debt settlement savings or even wipe it out altogether.