- This topic has 45 replies, 5 voices, and was last updated 15 years, 3 months ago by
jpinpb.
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August 12, 2010 at 8:44 PM #591322August 13, 2010 at 12:18 AM #590329
CA renter
Participantjpinpb,
I was under the impression that all mortgage debt forgiven was excluded from the income tax, but another poster who knows better corrected me on that.
“Does the Mortgage Forgiveness Debt Relief Act apply to all forgiven or cancelled debts?
No. The Act applies only to forgiven or cancelled debt used to buy, build or substantially improve your principal residence, or to refinance debt incurred for those purposes. In addition, the debt must be secured by the home. This is known as qualified principal residence indebtedness. The maximum amount you can treat as qualified principal residence indebtedness is $2 million or $1 million if married filing
separately.”http://dsusa02.degreesearchusa.com/t.pl/000000A/http/www.irs.gov/individuals/article/0,,id=3d179414,00.html
August 13, 2010 at 12:18 AM #590422CA renter
Participantjpinpb,
I was under the impression that all mortgage debt forgiven was excluded from the income tax, but another poster who knows better corrected me on that.
“Does the Mortgage Forgiveness Debt Relief Act apply to all forgiven or cancelled debts?
No. The Act applies only to forgiven or cancelled debt used to buy, build or substantially improve your principal residence, or to refinance debt incurred for those purposes. In addition, the debt must be secured by the home. This is known as qualified principal residence indebtedness. The maximum amount you can treat as qualified principal residence indebtedness is $2 million or $1 million if married filing
separately.”http://dsusa02.degreesearchusa.com/t.pl/000000A/http/www.irs.gov/individuals/article/0,,id=3d179414,00.html
August 13, 2010 at 12:18 AM #590957CA renter
Participantjpinpb,
I was under the impression that all mortgage debt forgiven was excluded from the income tax, but another poster who knows better corrected me on that.
“Does the Mortgage Forgiveness Debt Relief Act apply to all forgiven or cancelled debts?
No. The Act applies only to forgiven or cancelled debt used to buy, build or substantially improve your principal residence, or to refinance debt incurred for those purposes. In addition, the debt must be secured by the home. This is known as qualified principal residence indebtedness. The maximum amount you can treat as qualified principal residence indebtedness is $2 million or $1 million if married filing
separately.”http://dsusa02.degreesearchusa.com/t.pl/000000A/http/www.irs.gov/individuals/article/0,,id=3d179414,00.html
August 13, 2010 at 12:18 AM #591067CA renter
Participantjpinpb,
I was under the impression that all mortgage debt forgiven was excluded from the income tax, but another poster who knows better corrected me on that.
“Does the Mortgage Forgiveness Debt Relief Act apply to all forgiven or cancelled debts?
No. The Act applies only to forgiven or cancelled debt used to buy, build or substantially improve your principal residence, or to refinance debt incurred for those purposes. In addition, the debt must be secured by the home. This is known as qualified principal residence indebtedness. The maximum amount you can treat as qualified principal residence indebtedness is $2 million or $1 million if married filing
separately.”http://dsusa02.degreesearchusa.com/t.pl/000000A/http/www.irs.gov/individuals/article/0,,id=3d179414,00.html
August 13, 2010 at 12:18 AM #591377CA renter
Participantjpinpb,
I was under the impression that all mortgage debt forgiven was excluded from the income tax, but another poster who knows better corrected me on that.
“Does the Mortgage Forgiveness Debt Relief Act apply to all forgiven or cancelled debts?
No. The Act applies only to forgiven or cancelled debt used to buy, build or substantially improve your principal residence, or to refinance debt incurred for those purposes. In addition, the debt must be secured by the home. This is known as qualified principal residence indebtedness. The maximum amount you can treat as qualified principal residence indebtedness is $2 million or $1 million if married filing
separately.”http://dsusa02.degreesearchusa.com/t.pl/000000A/http/www.irs.gov/individuals/article/0,,id=3d179414,00.html
August 13, 2010 at 12:06 PM #590434SD Realtor
ParticipantJP here you go.
http://www.irs.gov/individuals/article/0,,id=179414,00.html
August 13, 2010 at 12:06 PM #590527SD Realtor
ParticipantJP here you go.
http://www.irs.gov/individuals/article/0,,id=179414,00.html
August 13, 2010 at 12:06 PM #591064SD Realtor
ParticipantJP here you go.
http://www.irs.gov/individuals/article/0,,id=179414,00.html
August 13, 2010 at 12:06 PM #591174SD Realtor
ParticipantJP here you go.
http://www.irs.gov/individuals/article/0,,id=179414,00.html
August 13, 2010 at 12:06 PM #591482SD Realtor
ParticipantJP here you go.
http://www.irs.gov/individuals/article/0,,id=179414,00.html
August 13, 2010 at 12:24 PM #590454jpinpb
ParticipantThank you very much, everyone!
August 13, 2010 at 12:24 PM #590547jpinpb
ParticipantThank you very much, everyone!
August 13, 2010 at 12:24 PM #591084jpinpb
ParticipantThank you very much, everyone!
August 13, 2010 at 12:24 PM #591194jpinpb
ParticipantThank you very much, everyone!
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