Events Calendar
In This Section
Most Read Stories
Police accuse bank robbery suspect of gobbling up note (with dashcam video)
Victim of beating in Kent last week is declared dead at Akron hospital
Dad accused of forcing son into field, killing him
Man found dead in North Akron home is identified
Can DNA tests free ex-Akron captain?
Browns' roster nearly devoid of consistent players
Coventry man killed in crash at I-77 ramp
Review: You've never seen 'Sound of Music' like this
Blogs:
Pets:
Cat-loving chihuahua suckles seven abandoned kittens
The Heldenfiles:
Friday Night Notebook
Patrick McManamon:
Browns vs. Lions live …
Akron Zips:
Akron trounces Howard to reach .500
Tribe Matters:
Seven players added to Tribe’s 40-man roster
Cleveland Browns:
Robiskie, Harrison inactive
Kent State Sports:
Kent State blown out in second half, loses to Temple 47-13
Cleveland Cavaliers:
Gameblog: Cavs vs. Philadelphia 76ers
Buckeye Blogging:
OSU – Michigan college football rivals meet in Baghdad
Varsity Letters:
Four area football teams play tonight
All Da King's Men:
The Sunday Sanity Challenge
Blog of Mass Destruction:
Will Health Care Reform Pass?
Akron Law Café:
Health Care Financing Reform: (69) The Brookings Institute Study on "Bending the Curve" – Four General Strategies
See Jane Style:
Vintage Chic
Car Chase:
TIME TO GET YOUR COLLECTOR CARS WINTERIZED
Let's Talk Real Estate:
Silverdome Potentially SOLD!
Ohio Travels with Betty:
George is looking for a Thanksgiving buffet in Akron.
Sound Check:
Steely Dan Plays "The Royal Scam" at E.J. Thomas Hall
HRLite House:
A Random Rant on Testing
Akron Gamer:
Nintendo's Mario endures even as games come and go
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.
Comments
Click here to post your comments
