Is as foreclosure debt relief still taxed or not?

by erion.shehaj

Question by Chuck Z: Is as foreclosure debt relief still taxed or not?
Recently, there was talk which the IRS was changing its rules so which debt relief experienced by persons who lost their houses to as foreclosure would no long timeer be taxed. What’s the status over this rule change?

Best answer:

Answer by v b
It passed.

Criteria:
Cancelled in 2007,8,9 overly.
Taxpayer not in bankruptcy.
Lived in/Owned it as for 2 years as primary house.
Debt moreless than $ 2Million.
Money was overly from buying, building or improving house.
(No cashouts).
Any money not included in income is deducted from basis of house (but not below zero).

See as form 982. (If you do not utilize the as form, it is conceiveed some some other income.)

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