The National Directory of Certified Public Accountants

Ask A CPA - Cancellation of Debt

Is Cancellation Of My Student Loans Taxable?

Generally, the cancellation of student loans results in taxable income unless an exception exists. Certain exclusions exist for working in a certain geographic location, public service positions in government or charitable organizations, undeserved communities

If you need professional help with "Cancellation of Debt" or have other tax questions, we can help you find a local licensed CPA for a free, no-obligation consultation.