[quote=urbanrealtor]In fairness to your concern here, the information I get is primarily anecdotal from accountants and attorneys.
Ergo, it is possible the the older version of which I was informed is ensconced in the a different part of the code or was overwritten by the 2007 code.
Or it could have just been erroneously cited (repeatedly) thus making me full of shit.
I really cannot say which.[/quote]
No, you were right, but it technically only applies to non-recourse loans.
I was not aware that debt forgiven via foreclosure wasn’t taxable prior to the Debt Relief Act.
