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Jubilee! Discharge of Debts and Student Loan Forgiveness

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.

November 1, 2022 //  by Andrew Slaton-Freeman

Do you know the origin of the word “jubilee?” A Jubilee, in the most ancient sense of the word, was a special year in which slaves would be freed, debts forgiven, and great feasts eaten.

In our practice, we’ve been getting a lot of questions about potential upcoming student loan forgiveness, debts, and potential tax consequences. Under normal circumstances, creditors that discharge debt will issue a corresponding Form 1099-C Cancellation of Debt for inclusion in that year’s income. Although this is a nuanced situation, we asked our friends at the AAEPA what they thought about potential developments. Please see their article here for a more detailed view.

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Andrew Slaton-Freeman
Andrew Slaton-Freeman
Estate Planning Attorney at Slaton Schauer Law Firm, PLLC
Before practicing exclusively in Estate Planning Law, Mr. Slaton-Freeman worked in research contracts for Texas A&M University, for a major international defense contractor, and the Texas Office of the Attorney General. His background includes trial litigation, business law, analysis of complex contracts, and estate planning.
Andrew Slaton-Freeman
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Category: Estate Planning, Legal Education

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