No good deed....
NEW: Stetson Baptist Church in Florida pays off $7.2 million in medical debt for 6,500 struggling Central Floridianshttps://t.co/DmAPU6hbYk— Ryan Saavedra (@RealSaavedra) July 10, 2019
Which is a sweet gesture, until one realizes the unintended consequence:
Ooops.
Now, the taxes on this difference are, obviously, a lot less than the debt itself, so this isn’t a slam on the idea. But if the recipients are unaware of the largess, or of this tax rule, they may be in for a nasty surprise at year’s end.
“You get a car, and you get a car…”
Adds up.
Source: http://insureblog.blogspot.com/2019/07/no-good-deed.html
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