Is the taxable income the income from the loan?

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If you borrow money, is the loan proceeds taxable? No. If you borrow money, you are supposed to pay it back, so your net worth does not change. You have not had access to wealth, so it is not a taxable income. But what if you don’t repay the loan? What if he is forgiven? Now you’ve gotten rich, through a debt discharge. Debt cancellation is taxable income under Section 108 of the tax code, although there are exceptions (such as if you are in bankruptcy or if it is a student loan linked to public service). – Edspira is the brainchild of Michael McLaughlin, an award-winning professor who went from a homeless teenager to a Ph.D. Edspira’s mission is to make high-quality business education accessible to all. – SUBSCRIBE FOR FREE PDF GUIDES TO FINANCIAL STATEMENTS, MANAGEMENT ACCOUNTING, TAXES AND MORE * http://eepurl.com/dIaa5z
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Viralrook: Is the taxable income the income from the loan?
Is the taxable income the income from the loan?
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