Does it become taxable if you default? That seems like something the IRS would pull. "Oh, you're broke? Here's a giant tax bill."
Discussion
It would be treated the same as borrowing against any other property, so probably.
Does it become taxable if you default? That seems like something the IRS would pull. "Oh, you're broke? Here's a giant tax bill."
It would be treated the same as borrowing against any other property, so probably.