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The Bob Cesca Podcast: Percocet Gunboobs

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Backwoods Sleuth1/04/2024 5:03:10 pm PST

re: #28 aatharuv

My understanding of US tax code for normies was that gift income is _never_ taxable on the point of view of the recipient — only the giver. So everyone giving Thomas the gifts might be guilty of tax evasion but not Thomas himself.

this is true.
otoh (and dangerman can correct me if I’m wrong), in general, if a debt is canceled, forgiven, or discharged for less than the amount owed, the amount of the canceled debt is taxable.

ETA (I hit “post” too soon): IIRC, Thomas’ RV “loan” was forgiven.