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The IRS highlighted some other key points in its guidance:
•Mortgage cancellation relief is capped at $2 million for married taxpayers, $1 million for married owners filing separately.
• Anyone who has had mortgage debt canceled as part of a loan modification or foreclosure should go to IRS.gov and download Form 982 and IRS Publication 4681 for additional filing details. Or they can call (800) TAX-FORM to request copies. Lenders who write off unpaid mortgage balances typically provide borrowers with a year-end IRS form 1099-C cancellation of debt statement, including the amount of the loan forgiven and the fair market value of the property.
If you have had mortgage debt canceled but haven't received a 1099-C from your lender, request it to avoid federal tax hassles.
MORE ON CANCELED DEBT AND TAXES:
ReplyDeleteThe IRS highlighted some other key points in its guidance:
•Mortgage cancellation relief is capped at $2 million for married taxpayers, $1 million for married owners filing separately.
• Anyone who has had mortgage debt canceled as part of a loan modification or foreclosure should go to IRS.gov and download Form 982 and IRS Publication 4681 for additional filing details. Or they can call (800) TAX-FORM to request copies. Lenders who write off unpaid mortgage balances typically provide borrowers with a year-end IRS form 1099-C cancellation of debt statement, including the amount of the loan forgiven and the fair market value of the property.
If you have had mortgage debt canceled but haven't received a 1099-C from your lender, request it to avoid federal tax hassles.
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