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Archive of posts tagged itemize deductions

Still Time to Have Forgiven Mortgage Debt Excluded as Taxable Income

Posted by Renee West on 7 April 2012, 8:00 pm

Homeowners who have had mortgage debt forgiven after a foreclosure, modification, or short sale may be able to exclude the canceled debt from their taxable income if they meet specific criteria. According to Gil Charney, principal analyst at The Tax Institute at H&R Block, the specific criteria to have forgiven debt excluded are the debt …

Continue reading ‘Still Time to Have Forgiven Mortgage Debt Excluded as Taxable Income’ »

Filed under Government News, Owners, Real Estate Advice | Tagged acquisition debt, build, buy, canceled debt, CoreLogic, costs, down payment, energy-efficiency credits, exclusion, filings, financial crisis, Foreclosures, forgiven debt, H&R Block, homeowners, homes, houses, itemize deductions, liable, loan interest, loans, modifications, mortgage debt, Mortgage Debt Relief Act of 2007, mortgage interest deduction, Mortgages, nonbusiness Energy Property Credit, PMI, pre-foreclosure sale, primary residence, private mortgage insurance, qualified mortgage interest, Real Estate Taxes, Realty Trac, repayment, residence, residences, residential, sales, second home, Short Sales, tax, taxable income, taxpayers | Comment

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About Renee

I am a broker associate with Prudential California Realty in Corona del Mar and Newport Beach, CA. I specialize in waterfront and ocean and bay view homes in our area.
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