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Real Estate & Property Law

: The Home Equity Theft Reporter

Avoiding Income Taxes On Debt Cancellation Not Automatic; Must File Required Form; New Law Applies Only To Loans Used To Buy, Improve Primary Home

By r morris

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In a story from KUSA-TV Channel 9 (Denver, Colorado), IRS National Taxpayer Advocate Nina Olson is reported as giving this reminder on avoiding income taxes on the cancellation of debt when a homeowner loses their primary residence to foreclosure, or when the debt cancellation is incident to either a loan modification or a short sale of the their primary residence:[T]he amount of debt that is

Full post as published by The Home Equity Theft Reporter on February 13, 2009 (boomark / email).

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