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Yeah, that would be nice for sure. But that might make it just a bit easier for people, and apparently we can't have nice things.
We sure can't
Honestly, that's a really good point. I never thought about that. I feel like they tax you on everything, but we should have more tax deductions available to us.
Exactly!
My private student loan interest is tax deductible. I refinanced my federal student loan for lower interest (currently at 4%) and I get my tax form for it every year. The unfortunate thing is my parent is the borrower and not me so I can’t collect it though as the form needs to be for you.
You may wonder why we did it this way. The reason is my parent is not in greatest of health so on paper she is carrying the debt even though I make all the payments. If parent passes away (which most likely will be in next few years) then I would get forgiveness.
Very much so. Thank you.
Also the parent is diabetic and cancer survivor so even getting life insurance is very hard to be able to pass on something. We figured debt forgiveness seemed like a good strategy if possible. I have managed finances well for the family. I am 27, have a good job living at home with $400K in savings / 401k now from working.