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Debt forgiveness, you see, is treated as taxable income. Why? In the nutshell, you have to be gives you money and do not need pay it back, it's taxable. Like you have pay out taxes on wages off of a job. Part of the reason that debt forgiveness is taxable is that otherwise, always be create a large loophole on tax code. In theory, your boss could "lend" cash every 2 weeks, with the end of last year they could forgive it and none of may be taxable.

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