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tomscales40
February 13, 2025
Question

Private student loan forgiveness

  • February 13, 2025
  • 1 reply
  • 0 views

Are PRIVATE student loans that are discharged by the lender (Discover Bank) taxable in 2024?

    1 reply

    T
    ThomasM125
    February 13, 2025

    Per this excerpt from IRS Publication 4681, a private education loan for post-secondary education forgiven in 2024 may not be taxable for federal income tax purposes:

     

     

    I suggest you read page 4 and page 5 of Publication 4681 to make sure your loan qualifies for forgiveness, as there are requirements such as the purpose of the loan, where it came from,  what it was used for, etc...

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