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In this episode we talk about the tax consequences of student loan forgiveness. Generally, debt forgiveness is treated as income, and is therefore taxable. If the Biden Administration's current plan to forgive portions of student loans comes to fruition, the forgiven amount would normally be taxable. Provisions have been made to make student loan forgiveness tax free at the federal level. Some states, including North Carolina, would still treat the loan forgiveness as taxable, and borrowers would owe state taxes on the forgiven amounts. We discuss that issue, along with other issues related to taxes and higher education in North Carolina, along with the general business climate and taxation in the state of North Carolina with Senator Phil Berger, President Pro Tempore of the NC Senate.
Tax Chats