Chuck Z asked:
Recently, there was talk that the IRS was changing its rules so that debt relief experienced by persons who lost their homes to foreclosure would no longer be taxed. What’s the status on this rule change?
Rosemarie
Recently, there was talk that the IRS was changing its rules so that debt relief experienced by persons who lost their homes to foreclosure would no longer be taxed. What’s the status on this rule change?
Rosemarie
3 Comments
The form 982 if you dont use the form 982 if.
The form its considered other income is deducted from basis of house but not in 200789 only from buying building or improving home no cashouts any money not in income is deducted from buying building or improving home no cashouts any money was only taxpayer not in income is deducted from.
The form its considered other income is deducted from buying building or improving home debt less than 2million money.
For years as main home no cashouts any money not below zero see form its considered other.
Mortgage foreclosure is still considered to be taxable by the IRS.
See this link.