Students facing overwhelming college loan payments sometimes are able to have that debt forgiven. But then they are hit with a tax bill. New legislation seeks to change that.
Students duped into taking out loans to pay for college could get a tax break if a new Senate bill gets some traction.
State attorneys general urge congress to extend the Mortgage Forgiveness Tax Relief Act.
Occupy Wall Street’s wants to help folks swamped by debt. But is the group’s erasing of what’s owed taxable forgiven debt income or merely a tax-free gift?