Publication 4681

A document published by the IRS detailing the tax treatment of property abandonment, canceled debts, foreclosures, and repossessions. In general, any debt forgiveness is treated as income for tax purposes; this document outlines exceptions to this rule.

References in periodicals archive

IRS guidelines for the program are spelled out in the agency's Publication 4681. Maximum eligible amounts of mortgage debt canceled range up to $2 million ($1 million if you're married filing separately).

Budget holds hidden tax benefits

More information about this is available from IRS Publication 4681.

Law Offices of Hilton Wiener Issues Tax Opinion to Real Estate Investor Stating That a 1099-C Following the Settlement of a Foreclosure is Not Taxable Income

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