Cancellation of Debt Income On Personal Residence

Personal Home Residence

If you lose your home through foreclosure or have restructured your mortgage loan, you could qualify for tax relief under the Mortgage Forgiveness Debt Relief Act. You can exclude up to $2 million of debt forgiven by or cancelled by a lender on your personal residence. You need to use Form 982 in order to claim this.

For further questions about Phoenix personal income tax accounting, please contact Singer Tax & Accounting, PC today at (602) 482-8006.

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