Tax Tip Minute – Student Loans

John McGehee with McGehee Davis Associates provides this Tax Tip minute about Student loans. In the past the IRS considered student loan forgiveness as taxable income. As part of the COVID relief bill signed in March 2021 the bill provides that loans cancellation for post-secondary education is no longer considered taxable income. This is expected to last until 2025. So all you debt suffering college students this break is for you!