@return2ozma to News • 1 year agoAverage American Debt: Household Debt Statistics, Average household debt hits $101,915www.businessinsider.comexternal-linkmessage-square20arrow-up198arrow-down122
arrow-up176arrow-down1external-linkAverage American Debt: Household Debt Statistics, Average household debt hits $101,915www.businessinsider.com@return2ozma to News • 1 year agomessage-square20
minus-square@who8mydamnoreoslink7•1 year agoYou can claim debt repayment on taxes and it reduces your income
minus-square@[email protected]linkfedilink5•1 year agoGeneral debt payments aren’t deductible, certain interest payments are allowed, like mortgages, but there’s a cap.
minus-square@TenderfootGungilink2•1 year agoMy old boss kept refinancing his house to keep all the debt tax free. Need a new Mercedes? Time to refinance.
minus-square@Astroturfedlink2•1 year agoThat’s not a thing. Unless he was somehow laundering money through like cash mortgage payments and then refinancing cash out to spend.
minus-square@[email protected]linkfedilink2•1 year agoDebt never gets taxed, it’s not income. Debt forgiveness can be taxed as income though.
You can claim debt repayment on taxes and it reduces your income
General debt payments aren’t deductible, certain interest payments are allowed, like mortgages, but there’s a cap.
My old boss kept refinancing his house to keep all the debt tax free. Need a new Mercedes? Time to refinance.
That’s not a thing. Unless he was somehow laundering money through like cash mortgage payments and then refinancing cash out to spend.
Debt never gets taxed, it’s not income. Debt forgiveness can be taxed as income though.