is debt canceled in foreclosure

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Home Foreclosure and Debt Cancellation
Update Dec. 11, 2008 — The Mortgage Forgiveness Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their .
http://www.irs.gov/newsroom/article/0,,id=174034,00.html

The Mortgage Forgiveness Debt Relief Act and Debt Cancellation
Jan 24, 2012 . Forgiveness of a non-recourse loan resulting from a foreclosure does not result in cancellation of debt income. However, it may result in other .
http://www.irs.gov/individuals/article/0,,id=179414,00.html

Cancellation of Debt And Home Foreclosures
Information about paying cancellation of debt taxes in situations of debt forgiveness, such as home foreclosures.
http://www.taxpayeradvocate.irs.gov/Individuals/Cancellation-Of-Debt-And-Home-Foreclosures

  1. Taxes Paid When Employing a Nanny

    • Foreclosures and the next wave: taxes due on canceled debt ...
      Taxes due on canceled debt. Mortgage defaults and foreclosures are a national concern. Only two states exceed California in rate of foreclosures: Nevada and .
      http://www.ftb.ca.gov/professionals/taxnews/2007/1007/1007_3.shtml

      Cancellation of debt due to foreclosures
      Cancellation of debt due to foreclosures. Wednesday, 22 October 2008 11:29 Atty. Kenneth Go. 344. 1; 2; 3; 4; 5. (1 vote, average: 1.00 out of 5). Share .
      http://www.asianjournal.com/consumer/atty-kenneth-go/344-cancellation-of-debt-due-to-foreclosures.html

    Child Tax Credit or Dependent Care Account

    • Canceled Debt & Mortgage Forgiveness
      Exclude up to $2 million of debt forgiven or canceled by a mortgage lender on a main home. Both mortgage restrucuring and foreclosures qualify; Available for .
      http://taxes.about.com/od/income/qt/canceled_debt.htm

      IRS Pub 4681: Canceled Debts, Foreclosures, Repossessions, and ...
      This publication explains the federal tax treatment of canceled debts, foreclosures, repossessions, and abandonments. Generally, if you owe a debt to someone .
      http://www.groco.com/readingroom/irs_publication4681.aspx

    Employee Benefits

    • Tax Relief for Cancelled Mortgage Debt - TurboTax® Tax Tips ...
      Before the Mortgage Debt Relief Act of 2007, people who lost their homes to foreclosure often had their outstanding home mortgage cancelled by their lender.
      http://turbotax.intuit.com/tax-tools/tax-tips/Home-Ownership/Tax-Relief-for-Cancelled-Mortgage-Debt/INF12033.html

    Avoiding Taxes

    • Canceled Mortgage Debt: What Happens at Tax Time? | Nolo.com
      (If you're interested in reading about foreclosure and mortgage modification, . Ordinarily, when debt is forgiven or canceled by a lender, the amount that has .
      http://www.nolo.com/legal-encyclopedia/canceled-mortgage-debt-tax-time-36146.html

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