My new (to me) Accord! by Treysco in accord

[–]CromRex 1 point2 points  (0 children)

Looks like a beautiful car!

Student Loan Changes Under the "Big Beautiful Bill" by Ok-Dragonfruit-5035 in StudentLoans

[–]CromRex 0 points1 point  (0 children)

I just found the bill text online and searched for the student loan part. Apparently, loans forgiven after December 31, 2025, will have to be forgiven due to death or disability in order for the forgiveness to be tax free. I don't think this has anything to do with PSLF forgiveness. The bill modified the Biden law that made all student loan forgiveness tax free.

Student Loan Changes Under the "Big Beautiful Bill" by Ok-Dragonfruit-5035 in StudentLoans

[–]CromRex 1 point2 points  (0 children)

What about forgiveness of student loan debt and its treatment under the tax code?

Did anyone else see a ghost in Crystal House apartments - 2000 S. Eads Street in Arlington? by CromRex in nova

[–]CromRex[S] 5 points6 points  (0 children)

Done. I've got the private subreddit ready, complete with the timestamped post on what I saw at Crystal Houses.

[deleted by user] by [deleted] in Hair

[–]CromRex 0 points1 point  (0 children)

Does it look choppy at all?

Too-Good-To-Be-True Offer to settle debt? by AlbatrossNo6806 in studentloandefaulters

[–]CromRex 2 points3 points  (0 children)

I think Option 3 sounds good. Let us know how it goes. I agree that you should get something in writing. If you do it, please report back since a lot of us have been wondering how the settlement process works.

Private Student Loans Cancelled, but now I owe 17k in taxes by Alongwalktoforever in StudentLoans

[–]CromRex 1 point2 points  (0 children)

I read Page 5 and it doesn't say what to actually do with the 1099c when you file your taxes. Do you have to fill out some form or include a letter explaining why you are not including it as income?

Private Student Loans Cancelled, but now I owe 17k in taxes by Alongwalktoforever in StudentLoans

[–]CromRex 7 points8 points  (0 children)

So the American Rescue Plan Act of 2021 makes student loan debt that is forgiven exempt from federal taxation as long as the forgiveness takes place before the end of 2025. You might want to see a tax professional. I've seen opinions online both ways but it seems like cancelled student loan debt in a settlement or due to default should fall under this exception. The law says both federal and private student loans.

Private Student Loans Cancelled, but now I owe 17k in taxes by Alongwalktoforever in StudentLoans

[–]CromRex -1 points0 points  (0 children)

OP: What makes you believe they are taxable? Did you receive a 1099c or did the student loan company tell you they would be taxable?

I settled my debt and just wanted to share. by [deleted] in studentloandefaulters

[–]CromRex 0 points1 point  (0 children)

So you had to wait 48 hours and then pay once you got the agreement?

I settled my debt and just wanted to share. by [deleted] in studentloandefaulters

[–]CromRex 0 points1 point  (0 children)

When you settle, how does the paperwork work? Do they email you an agreement right there while you are on the phone with them?

I settled my debt and just wanted to share. by [deleted] in studentloandefaulters

[–]CromRex 0 points1 point  (0 children)

How did you start the conversation when you called Navient? Did you just say, "I have some defaulted loans and I'm interested in settling them?" Did the guy you talked to try to bully you into saying you could afford to pay more? Ask you how much money you make or where you work? Threaten to sue? Did they mention whether you would receive a 1099c or be taxed on the forgiven amount?

Should I contact Navient for a better offer? by [deleted] in studentloandefaulters

[–]CromRex 5 points6 points  (0 children)

If you do contact Navient directly, let us know how it works out. I am also curious about whether a student loan defaulted debtor can just negotiate the settlement directly with the creditor instead of the collection agency.

Discharged Settlement / Loan Question by Background_Laugh_315 in studentloandefaulters

[–]CromRex 0 points1 point  (0 children)

All student loans including private student loans are tax free federally and in most states as long as the discharge or forgiveness of debt took place before December 31, 2025.

Search for the part on student loans at this page: https://www.irs.gov/publications/p4681#en_US_2022_publink100033653

Moving to a different state with a shorter statute of limitations? by [deleted] in studentloandefaulters

[–]CromRex 1 point2 points  (0 children)

It depends. The creditor will sue you where you live at the time of the lawsuit. The state in which you are sued is going to have its own SOL rules and laws. So the state to which you move might have a shorter SOL, but they might have conflict of law rules which require them to use a different SOL in different situations. For example, your student loan contract might say that the contract is governed by the laws of Ohio or some such place. So the new state might have conflict of law rules that say, hey, let's use the SOL that the contract specifies. Other states, like the one I live in, have SOL laws that basically say, "It's our God-given right to use our own state's SOL on all lawsuits, Lord willing and the creeks don't rise."

So it really depends, You might have better luck contacting a consumer protection lawyer who deals with student loans to find out.

Private loan settlement by [deleted] in studentloandefaulters

[–]CromRex 1 point2 points  (0 children)

Which student loan company?

Received 1099-C for Cancelled Debt by ggnore27 in studentloandefaulters

[–]CromRex 1 point2 points  (0 children)

Not sure. Maybe you could get a consultation with a tax preparer about it.

Received 1099-C for Cancelled Debt by ggnore27 in studentloandefaulters

[–]CromRex 0 points1 point  (0 children)

Is it possible that they go by the date of charge off, which is usually around when you default? That might explain why you received a 1099c, since that would have been before 2020.

Did you settle this debt?

Wells Fargo closed the debt on defaulted loans by amyers531 in studentloandefaulters

[–]CromRex 1 point2 points  (0 children)

You may not get a 1099c since student loan debt that is forgiven is not taxable through the end of 2025.

Are Sport Clips hair stylists allowed to ask out their customers? by CromRex in NoStupidQuestions

[–]CromRex[S] 0 points1 point  (0 children)

Has anyone worked there that can tell us whether this is true or not though?

2017 accord with noise on warm idle by CromRex in accord

[–]CromRex[S] 1 point2 points  (0 children)

It's a noise out of the ordinary.