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View Poll Results: What would you do?
Option 1: Pay it off and be done with it. 34 64.15%
Option 2: The benefit is worth the hassle. Pay the minimums and let Uncle Sam pay the rest in five years. 16 30.19%
Ask Gaz 3 5.66%
Voters: 53. You may not vote on this poll

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Old 08-22-2011, 09:33 PM   #1
DaFace DaFace is offline
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Join Date: Aug 2005
Location: Donkey Land
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Quote:
Originally Posted by Phobia View Post
They 1099 you for the forgiveness part in 5 years? That's another cost to consider into the issue.
I wouldn't think so, but I'm not sure of that. Good point, though.
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Old 08-22-2011, 09:35 PM   #2
Saul Good Saul Good is offline
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Join Date: Jul 2005
Location: Bored of winning
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Quote:
Originally Posted by DaFace View Post
I wouldn't think so, but I'm not sure of that. Good point, though.
It's almost certainly either debt forgiveness or straight income. Both of those are taxable.
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Old 08-22-2011, 09:37 PM   #3
DaFace DaFace is offline
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Join Date: Aug 2005
Location: Donkey Land
Casino cash: $-1683101
Quote:
Originally Posted by Saul Good View Post
It's almost certainly either debt forgiveness or straight income. Both of those are taxable.
Yeah, you could be right. Still, it seems odd that a tax-supported program would be taxable. For example, we took advantage of the $8k tax credit for our house a few years back, and the $8k was NOT taxable.
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DaFace is obviously part of the inner Circle.DaFace is obviously part of the inner Circle.DaFace is obviously part of the inner Circle.DaFace is obviously part of the inner Circle.DaFace is obviously part of the inner Circle.DaFace is obviously part of the inner Circle.DaFace is obviously part of the inner Circle.DaFace is obviously part of the inner Circle.DaFace is obviously part of the inner Circle.DaFace is obviously part of the inner Circle.DaFace is obviously part of the inner Circle.
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Old 08-22-2011, 09:39 PM   #4
Saul Good Saul Good is offline
Quit your bullshit
 

Join Date: Jul 2005
Location: Bored of winning
Casino cash: $10052799
Quote:
Originally Posted by DaFace View Post
Yeah, you could be right. Still, it seems odd that a tax-supported program would be taxable. For example, we took advantage of the $8k tax credit for our house a few years back, and the $8k was NOT taxable.
That's essentially a write-off. A tax deduction isn't taxable, but income (eg; SS benefits) is.
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Saul Good is obviously part of the inner Circle.Saul Good is obviously part of the inner Circle.Saul Good is obviously part of the inner Circle.Saul Good is obviously part of the inner Circle.Saul Good is obviously part of the inner Circle.Saul Good is obviously part of the inner Circle.Saul Good is obviously part of the inner Circle.Saul Good is obviously part of the inner Circle.Saul Good is obviously part of the inner Circle.Saul Good is obviously part of the inner Circle.Saul Good is obviously part of the inner Circle.
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