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05/24/2012 at 04:51PM PDT
Important Announcement! A planned system-wide upgrade will take place over the Memorial Day Weekend in the US (From Thurs, May 24, 2012 at 6 pm PDT thru Tues, May 29, 2012 at 5 am PDT). This includes QuickBooks, QuickBooks Payroll, Point of Sale, & Salesforce.com. This is only for US based products. This does not affect QuickBooks Online customers! During this time, you can shop, but can’t place orders online, activate products or update account info. We apologize for the inconvenience & thank you for patience while we improve our infrastructure to better serve you. International versions are unaffected. For more info, see our community discussion.
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02/17/09 12:16pm PST
Viewed by asker 06/07/09 2:15pm PDT

MORTGAGE DEBT CANCELLATION TAXABILITY STATUS

WHAT IS STATUS OF MORTGAGE DEBT FORGIVENESS TAXABILITY ?

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Cancellation of debt is taxable income.

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Qualified principal residence indebtedness up to $2,000,000 worth is exempted from income based on the law MFDRA of 2007. "Where do I enter?" button, canceled debt, 1099 C, read instructions.

If you use Pro Series Basic I might not be able to help you. If you use Turbo Tax I might refuse to help you. All others, watch out! ;-)
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