FORECLOSURE OF PERSONAL RESIDENCE
DO WE HAVE TO REPORT A REPO OF PERSONAL RESIDENCE NOW. DOESN'T THE NEW LAW EXCLUDE IT FROM TAXABLE INCOME
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bbS_vOn48r346iacfA8pyY
03/24/10 2:52pm PDT
Viewed by asker 03/25/10 10:13am PDT
Viewed by asker 03/25/10 10:13am PDT
3 Replies
Grafton
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Questions answered: 1656
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Accountant Community AllStar
Advisory council of Accountant community power users.
03/24/10 3:07pm PDT
What if my debt is forgiven?:
http://www.irs.gov/newsroom/ar...
The Mortgage Forgiveness Debt Relief Act and Debt Cancellation:
http://www.irs.gov/individuals...
Home Foreclosure and Debt Cancellation:
http://www.irs.gov/newsroom/ar...
Topic 431 - Canceled Debt – Is it Taxable or Not?:
http://www.irs.gov/taxtopics/t...
Topic 160 - Form 1099-A (Acquisition or Abandonment of Secured Property) and Form 1099-C (Cancellation of Debt):
http://www.irs.gov/taxtopics/t...
Six Things You Need to Know About Mortgage Workouts:
http://www.irs.gov/newsroom/ar...
Cancellation of Debt - Principal Residence:
http://www.irs.gov/app/vita/ad...
Publication 4681(2008), Canceled Debts, Foreclosures, Repossessions, and Abandonments: http://www.irs.gov/pub/irs-pdf...
Publication 523 (2009) Selling Your Home (including repossessions)
http://www.irs.gov/publication...
SusieQW
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Questions answered: 27
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Questions answered: 27
Points earned: 28
ProAdvisor
Members of the QuickBooks ProAdvisor Program
SusieQW
Questions asked: 48
Questions answered: 27
Points earned: 28
Questions answered: 27
Points earned: 28
ProAdvisor
Members of the QuickBooks ProAdvisor Program
03/24/10 4:09pm PDT
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Also check your state, MN makes you add the forgiven debt back in on the MN return.
