Can I avoid taxes on forgiven loans?
An example of an AI chatbot conversation about tax implications of forgiven loans.
If my student loans are forgiven, do I have to pay taxes on that amount?
It depends on the type of loan forgiveness. Under certain programs, forgiven loans may not be taxable.
What if I received a loan forgiveness under the Public Service Loan Forgiveness program?
Loans forgiven under the Public Service Loan Forgiveness program are generally not considered taxable income.
Are there any exceptions where I might still owe taxes?
Yes, if the loan forgiveness is not part of a qualifying program, it could be taxable. Always consult a tax professional.
How can I find out more about my specific situation?
You can check the IRS website or speak with a tax advisor for personalized advice regarding your loans.
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