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Revision as of 04:34, 6 March 2025

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After 20 years when there is any balance left unpaid, then your debt is pardoned. However, this unpaid balance is considered as taxable income based on the Internal Revenue Service. What's interesting is the fact that loan is forgiven after different times depending precisely what sector one enters into activity force.

Make sure you are aware of the exemptions applied to the bond. For example, municipal bonds are generally exempt from federal taxes, and can be exempt from state and local taxes when you genuinely are a resident of your state.

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