I bet the students who received debt forgiveness from Biden don't realize they are going to get a YUGE tax bill.

"In general, if your debt is canceled, forgiven, or discharged for less than the amount owed, the amount of the canceled debt is taxable. If taxable, you must report the canceled debt on your tax return for the year in which the cancellation occurred."

https://www.irs.gov/taxtopics/tc431

What if my debt is forgiven?

"The tax impact of debt forgiveness or cancellation depends on your individual facts and circumstances. Generally, if you borrow money from a commercial lender and the lender later cancels or forgives the debt, you may have to include the cancelled amount in income for tax purposes. The lender is usually required to report the amount of the canceled debt to you and the IRS on a Form 1099-C, Cancellation of Debt."

https://www.irs.gov/newsroom/what-if-my-debt-is-forgiven

>>21083785

Students that get their student loan "forgiven" by Biden (illegally) are going to get a YUGE tax bill. They are required to pay tax on that FREE money. That money is INCOME to them.

I find it ironic that those freeloading students who don't want to pay the loans they promised they would pay have to pay taxpayers back in their tax obligations ALL IN ONE YEAR.

The freeloaders are going to have pay the IRS all that tax obligation on the free money ALL IN ONE YEAR.

They are going to freak out. They don't know how they got screwed.