unless there is another exception put in place- general answer is yes

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bigbadbird

forgiveness of debt is income - again - could be special rules in place- but just for the kicks i hope it is - because i want to hear the stupid people moan about a free 10K that cost them 2500 and listen to the outrage

Posted: 08/26/2022 at 08:57 AM ET

(In response to this post by darnellm)

Thread Replies (14)

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10K debt relief question? Will those who get the relief have to pay taxes -- darnellm Aug 26, 2022 at 08:42 AM ET

darnellm • 08/26/22 08:42 AM ET

I expect fed taxes - no. State taxability will vary.** -- ColoVT82 Aug 26, 2022 at 12:35 PM ET

ColoVT82 • 08/26/22 12:35 PM ET

My question is how did they come up with the $125k income threshold? -- Hoke Aug 26, 2022 at 09:50 AM ET

Hoke • 08/26/22 09:50 AM ET

They could've done it like he COVID payments, sliding scale based on income -- soflahokie Aug 26, 2022 at 11:53 AM ET

soflahokie • 08/26/22 11:53 AM ET

And it is 250k per couple. Which means prob over 90% of the pop is -- fordham Aug 26, 2022 at 09:58 AM ET

fordham • 08/26/22 09:58 AM ET

Just guessing a bit, but they were probably fishing for an income number -- Tafkam Hokie Aug 26, 2022 at 09:57 AM ET

Tafkam Hokie • 08/26/22 09:57 AM ET

Yeah, I'm sure it's some offical statistic... -- `lag Aug 26, 2022 at 10:32 AM ET

`lag • 08/26/22 10:32 AM ET

It sure as hell should be taxable…. But you -- fordham Aug 26, 2022 at 09:49 AM ET

fordham • 08/26/22 09:49 AM ET

It certainly awards the squirrels who didn't gather their nuts before -- Vtskier1 Aug 26, 2022 at 11:50 AM ET

Vtskier1 • 08/26/22 11:50 AM ET

But we live in a world where our deficit runs multiple hundreds of billions -- ElbertoHokie Aug 26, 2022 at 12:05 PM ET

ElbertoHokie • 08/26/22 12:05 PM ET

Musical chairs. The music eventually stops and not all will have a seat** -- Vtskier1 Aug 26, 2022 at 12:40 PM ET

Vtskier1 • 08/26/22 12:40 PM ET

unless there is another exception put in place- general answer is yes ◄ -- bigbadbird Aug 26, 2022 at 08:57 AM ET

bigbadbird • 08/26/22 08:57 AM ET

A potential there could be that the 10K was a loan scheduled to be paid -- Tafkam Hokie Aug 26, 2022 at 09:25 AM ET

Tafkam Hokie • 08/26/22 09:25 AM ET

There was an exemption put in place. I think that's how they're trying to -- ElbertoHokie Aug 26, 2022 at 09:20 AM ET

ElbertoHokie • 08/26/22 09:20 AM ET

The 'ol omnibus bill to "fund the government" then load it with pork -- Vtskier1 Aug 26, 2022 at 11:54 AM ET

Vtskier1 • 08/26/22 11:54 AM ET