Up to $2 Million in relieved mortgage debt is excluded from 2009 income taxation.
John R. Dundon, EA - www.1040.com/jd - Taxpayer Advocate - Enrolled with the United States Department of Treasury to Practice before the IRS - Under contract with the United States Department of Treasury as a Certified ITIN Acceptance Agent - 720-234-1177
Monday, October 26, 2009
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1 comments:
Hi,
Mortgage debt relief Act limits to $2 million the excluding amount of such indebtedness. It also Reduces the basis of a principal residence by the amount of discharged indebtedness excluded from gross income.
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