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Published on Saturday, Jul 19, 2008
If your mortgage is partly or entirely forgiven during 2007, 2008 or 2009, you might be able to claim special tax relief by filling out Form 982 and attaching it to your federal income tax return for that year.
Under the Mortgage Forgiveness Debt Relief Act of 2007, you might be able to exclude from tax up to $2 million of debt forgiven on your principal residence. The limit is $1 million for a married person filing a separate return.
Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, might qualify for this relief under some circumstances.
Debt forgiven on second homes, rental property, business property, credit cards or car loans does not qualify for the new tax-relief provision.
For information, visit the IRS Web site at http://www.IRS.gov.
A good resource is IRS Publication 4681.
This publication and Form 982 can be downloaded from IRS.gov or by calling 800-829-3676.
If your mortgage is partly or entirely forgiven during 2007, 2008 or 2009, you might be able to claim special tax relief by filling out Form 982 and attaching it to your federal income tax return for that year.
Get the full article here.
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