Publication 4681

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.
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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).
-- Anyone who's had mortgage debt cancellation 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.