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Student Loans: Cancellation of Debt Relief

Posted by Scott Farnes on Feb 27, 2020 8:32:00 AM

Taxpayers who took out federal or private student loans to finance their attendance at a nonprofit or for-profit school now qualify for safe harbor with regard to cancellation of debt income for discharged student loans. Relief is also extended to any creditor that would otherwise be required to file information returns and furnish payee statements for the discharge of any indebtedness within the scope of this revenue procedure.

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Topics: Personal Finance, Debt

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