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February 16, 2020
Question

Student Loan Forgiveness

  • February 16, 2020
  • 1 reply
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One of my private student loans was forgiven this year as part of a class-action lawsuit settlement. This would be counted as income, correct? Also, the loan company has not sent me any tax forms regarding this loan forgiveness; what tax form should I be watching for if any?

    1 reply

    February 16, 2020

    A debt cancellation such as this will typically be taxable, and is generally reported on IRS Form 1099-C, Cancellation of Debt.