Comments on: Is foreclosure debt relief still taxed or not? http://www.fn-live.com/is-foreclosure-debt-relief-still-taxed-or-not.html Loan and Financial Info Mon, 01 Feb 2010 15:06:52 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: spicertax http://www.fn-live.com/is-foreclosure-debt-relief-still-taxed-or-not.html/comment-page-1#comment-1883 spicertax Thu, 09 Apr 2009 08:07:09 +0000 http://www.fn-live.com/is-foreclosure-debt-relief-still-taxed-or-not.html#comment-1883 See this link. See this link.

]]> By: patrick http://www.fn-live.com/is-foreclosure-debt-relief-still-taxed-or-not.html/comment-page-1#comment-1882 patrick Tue, 07 Apr 2009 07:49:48 +0000 http://www.fn-live.com/is-foreclosure-debt-relief-still-taxed-or-not.html#comment-1882 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.fn-live.com/is-foreclosure-debt-relief-still-taxed-or-not.html/comment-page-1#comment-1881 v b Sun, 05 Apr 2009 01:33:54 +0000 http://www.fn-live.com/is-foreclosure-debt-relief-still-taxed-or-not.html#comment-1881 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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