amount forgiven

USAGE SUMMARY

The phrase "amount forgiven" is correct and usable in written English.
It can be used in contexts related to finance, debt, or forgiveness of obligations, typically referring to the total sum that is no longer owed. Example: "After reviewing the financial situation, the bank decided to reduce the amount forgiven on the loan."

✓ Grammatically correct

News & Media

Academia

Science

Human-verified examples from authoritative sources

Exact Expressions

12 human-written examples

The amount forgiven after 10 years of public service isn't treated as taxable income.

The New York Times

Under the program, homeowners whose mortgage amounts were reduced will not owe tax on the amount forgiven, which is sometimes treated as income.

The New York Times

In addition, a federal law passed late last year now exempts sellers from having to pay income tax on the amount forgiven.

The New York Times

"Regent's is a bit more, but it seemed worth it," Ms. Nyvoll said, adding that the Norwegian government gave students who attended overseas institutions a combination of scholarships and loans to cover the costs — with 40 percent of the loan amount forgiven for students who pass their final exams.

The New York Times

If your bank forgives a $500 debt, it's not income because the amount forgiven is less than the amount of your insolvency. 5. Certain forgiven student loans aren't income.

Forbes

Congress followed a similar line of reasoning in last year's Taxpayer-Teacher Protection Act, which more than tripled the amount forgiven under the Education Department's program to attract qualified math and science teachers to low-income schools.

Science Magazine

Human-verified similar examples from authoritative sources

Similar Expressions

48 human-written examples

Without this special exception, financially distressed homeowners would otherwise be subject to the tax code's traditional, harsh treatment of canceled debt: Any amounts forgiven are taxed as ordinary income, at regular marginal rates — essentially hitting owners with prodigious tax bills at the very time they are least able to pay, following a foreclosure or short sale.

The Washington Post

So far, some $20 billion of that amount has been forgiven.

The New York Times

Any amount that is forgiven can be considered income by the Internal Revenue Service.

The New York Times

The process could take longer than 90 days and not everyone will have the full amount of debt forgiven.

The Washington Post

ONE avenue for escaping foreclosure may be getting a little easier to navigate: the so-called short sale, through which distressed owners sell their homes for less than the mortgage amount and are forgiven the remaining loan balance.

The New York Times

Expert writing Tips

Best practice

When discussing financial matters, be specific about the "amount forgiven" to provide clarity and avoid ambiguity.

Common error

Ensure you're not using "amount forgiven" when you actually mean the outstanding balance or "amount due" before any debt relief was applied.

Linguistic Context

The phrase "amount forgiven" functions as a noun phrase, where "amount" is the noun and "forgiven" acts as a past participle modifying it. It specifies the quantity of debt or obligation that has been excused or canceled. Ludwig AI highlights its use in financial and legal contexts.

Expression frequency: Common

Frequent in

News & Media

70%

Academia

20%

Science

10%

Less common in

Formal & Business

0%

Encyclopedias

0%

Wiki

0%

Ludwig's WRAP-UP

The phrase "amount forgiven" is a common and grammatically sound expression used to describe the quantity of debt or obligation that has been canceled or excused. Ludwig AI analysis, based on numerous examples from reliable sources like The New York Times, Forbes, and The Washington Post, confirms its frequent usage in news and media, academic, and scientific contexts. The phrase is generally neutral in tone and is suitable for various communication styles, from formal reports to casual discussions. When using "amount forgiven", ensure clarity by being specific about the numerical value involved, and avoid confusing it with the total amount due before forgiveness. Related phrases, such as "debt cancellation amount" or "total debt relief", can be used to add variety to your writing.

More alternative expressions

Phrases that express similar concepts, ordered by semantic similarity:

debt cancellation amount

Reorders the words and replaces "forgiven" with the more formal "cancellation".

forgiven debt total

Reorders the words to emphasize the debt.

total debt relief

Uses "debt relief" as a synonym for "amount forgiven".

value of debt forgiven

Highlights the financial value of the forgiveness.

debt write-off sum

Replaces "forgiven" with "write-off" and "amount" with "sum".

outstanding balance waived

Focuses on the balance that is no longer due.

portion of debt discharged

Emphasizes the legal aspect of debt elimination.

principal reduction amount

Specifically refers to reducing the principal amount of a debt.

debt extinguished

Uses a more formal term for eliminating debt.

amount of loan discharged

Highlights the discharged value of the loan.

FAQs

Is the "amount forgiven" considered taxable income?

In some cases, the "amount forgiven" may be considered taxable income by the IRS, unless specific exemptions apply, such as working in public service or meeting certain insolvency criteria. Check with a tax professional for guidance.

What's the difference between "amount forgiven" and "debt cancellation"?

"Amount forgiven" refers to the specific sum of money that is no longer owed, whereas "debt cancellation" is the general process or agreement that leads to this forgiveness.

How does the "amount forgiven" affect my credit score?

The "amount forgiven" itself doesn't directly impact your credit score. However, the events leading to the forgiveness, such as missed payments or a settlement for less than the full amount, can negatively affect your credit.

What are some alternatives to "amount forgiven" in a formal context?

In formal settings, consider using alternatives such as "debt cancellation amount", or "total debt relief" to convey a similar meaning with a more professional tone.