return2ozma@lemmy.world to News@lemmy.world · 9 months agoAverage American Debt: Household Debt Statistics, Average household debt hits $101,915www.businessinsider.comexternal-linkmessage-square21fedilinkarrow-up198arrow-down122
arrow-up176arrow-down1external-linkAverage American Debt: Household Debt Statistics, Average household debt hits $101,915www.businessinsider.comreturn2ozma@lemmy.world to News@lemmy.world · 9 months agomessage-square21fedilink
minus-squareryathal@sh.itjust.workslinkfedilinkarrow-up6arrow-down1·9 months agoGeneral debt payments aren't deductible, certain interest payments are allowed, like mortgages, but there's a cap.
minus-squareTenderfootGungi@lemmy.worldlinkfedilinkarrow-up2·9 months agoMy old boss kept refinancing his house to keep all the debt tax free. Need a new Mercedes? Time to refinance.
minus-squareryathal@sh.itjust.workslinkfedilinkarrow-up2·9 months agoDebt never gets taxed, it's not income. Debt forgiveness can be taxed as income though.
minus-squareAstroturfed@lemmy.worldlinkfedilinkarrow-up2·9 months agoThat's not a thing. Unless he was somehow laundering money through like cash mortgage payments and then refinancing cash out to spend.
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.
Debt never gets taxed, it's not income. Debt forgiveness can be taxed as income though.
That's not a thing. Unless he was somehow laundering money through like cash mortgage payments and then refinancing cash out to spend.