Comments on: Is foreclosure debt relief still taxed or not? http://www.debtreliefadvice.net/is-foreclosure-debt-relief-still-taxed-or-not/ Sat, 02 Jan 2010 19:33:14 -0600 http://wordpress.org/?v=2.8.6 hourly 1 By: spicertax http://www.debtreliefadvice.net/is-foreclosure-debt-relief-still-taxed-or-not/comment-page-1/#comment-44 spicertax Thu, 24 Dec 2009 20:21:24 +0000 http://www.debtreliefadvice.net/?p=517#comment-44 <a href=""></a> See this link.

See this link.

]]> By: patrick http://www.debtreliefadvice.net/is-foreclosure-debt-relief-still-taxed-or-not/comment-page-1/#comment-43 patrick Wed, 23 Dec 2009 10:57:50 +0000 http://www.debtreliefadvice.net/?p=517#comment-43 <a href=""></a> Mortgage foreclosure is still considered to be taxable by the IRS.

Mortgage foreclosure is still considered to be taxable by the IRS.

]]> By: v b http://www.debtreliefadvice.net/is-foreclosure-debt-relief-still-taxed-or-not/comment-page-1/#comment-42 v b Wed, 23 Dec 2009 00:15:26 +0000 http://www.debtreliefadvice.net/?p=517#comment-42 <a href=""></a> It passed. Criteria: Cancelled in 2007,8,9 only. Taxpayer not in bankruptcy. Lived in/Owned it for 2 years as main home. Debt less than $2Million. Money was only from buying, building or improving home. (No cashouts). Any money not included in income is deducted from basis of house (but not below zero). See form 982. (If you don't use the form, it's considered other income.)

It passed.

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

See form 982. (If you don’t use the form, it’s considered other income.)

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