How Does Tax Relief Work: Difference between revisions

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Revision as of 22:21, 22 February 2025

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Debt forgiveness, you see, is treated as taxable income. Why? Within a nutshell, an individual gives cash and take a look . pay it back, it's taxable. Relates to have spend for taxes on wages out of a job. A member of the reason that debt forgiveness is taxable happens because otherwise, it create a giant loophole inside of the tax rule. In theory, your boss could "lend" cash every 2 weeks, perhaps the end of last year they could forgive it and none of it'd be taxable.

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