Mortgage debt on a principal residence that is forgiven by a lender is no longer taxable in many cases; previously, forgiven mortgage debt was considered taxable income. (Debt from buying or improving a principal residence may be forgiven in a short sale, foreclosure or debt restructuring of a property.) The exclusion only applies to indebtedness forgiven in tax years 2007 through 2012 and is limited to $2 million or $1 million for married filing separately.
HINT: Other restrictions apply; consult a knowledgeable tax professional for details. A newly revised Form 982 is used for reporting the exclusion.
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Wednesday, January 27, 2010
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