The IRS considers $600 or more of forgiven debt as taxable income, but in some circumstances you may have to pay income tax on canceled debt that falls below $600. There are some exceptions--for example, if you’re insolvent at the time your debt is settled then you don’t have to report the forgiven debt as taxable income--but those exceptions have their own exceptions. Don’t make any final assumptions on your tax consequences until you speak with your attorney and look at an updated 1099-C form.
Alexis Ohanian says that technology means more creators can pursue their craft and get paid for it. The Internet means that people all over the world are becoming patrons of artists all over the world.
Alexis Ohanian, co-founder of social news site Reddit and partner at startup accelerator Y Combinator, talks about how platforms like Kickstarter are making his role as a startup investor more challenging.
The way most Americans pay for college -- a patchwork system of loans, grants, and scholarships from colleges -- was largely created generations ago, when fewer people went to college and when the price tag of a college was a lot less.