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Personal loans and taxes: Don’t let this ‘unpleasant surprise’ happen to you if you take out a personal loan

With so many forms and things to consider this tax season, consider the following about your personal loan our Director of Investment Analysis Stephen Carrigg, CFP, told MarketWatch. If any of your debt is forgiven, you need to claim that portion on your taxes. For instance, “If you owe $5,000 on your loan and they forgive $1,000 of the value, you will need to claim the $1,000 on your taxes.”

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