return2ozma@lemmy.world to News@lemmy.world · 2 years agoAverage American Debt: Household Debt Statistics, Average household debt hits $101,915www.businessinsider.comexternal-linkmessage-square20fedilinkarrow-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 · 2 years agomessage-square20fedilink
minus-squarewho8mydamnoreos@lemmy.worldlinkfedilinkarrow-up9arrow-down2·2 years agoYou can claim debt repayment on taxes and it reduces your income
minus-squareryathal@sh.itjust.workslinkfedilinkarrow-up6arrow-down1·2 years agoGeneral debt payments aren’t deductible, certain interest payments are allowed, like mortgages, but there’s a cap.
minus-squareTenderfootGungi@lemmy.worldlinkfedilinkarrow-up2·2 years agoMy old boss kept refinancing his house to keep all the debt tax free. Need a new Mercedes? Time to refinance.
minus-squareAstroturfed@lemmy.worldlinkfedilinkarrow-up2·2 years agoThat’s not a thing. Unless he was somehow laundering money through like cash mortgage payments and then refinancing cash out to spend.
minus-squareryathal@sh.itjust.workslinkfedilinkarrow-up2·2 years 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.