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[–] HeavyBrain ago 

It's treated as income for the year, and is therefore taxable

Well shit.

Not sure how it works here, propably similar but I know for sure that stuff like college debts wouldn't factor into it, even for the reason jsut because the gov called/ treated them differntly.

Well shit US liberals be careful waht you wish for or change the tax code beforehand, but I doubt that too many of them will consider this.