TaxConnections

Login | TAXPAYERS | TAX PROFESSIONALS-START HERE
Ask Tax Question

I sold my primary home on a short sale in 2012. Do I need to report the amount of mortgage debt forgiven as income?

Mortgage Short Sale
TaxConnections Members... Answer This Question Want To be One of Our Tax Experts? Register Here

Tax Professional Answers

User Photo
Gnanendrasinh Rathod
Yes, Mortgage debt forgiven report as Other Income on line 21 of 1040.
Leave a Comment 214 weeks ago

User Photo
Steven Potts JD EA IAR
You can exclude canceled (forgiven) debt from income if it is qualified principal residence indebtedness (QPR). QPR is any mortgage you took out to buy, build, or substantially improve your main home. It also must be secured by your main home. QPR also includes debt secured by your main home that you used to refinance a mortgage you took out to buy, build, or substantially improve your main home but only up to the amount of the old mortgage principal just before the refinancing.
Leave a Comment 214 weeks ago



Meet Leading Tax Advisors

User Photo John Stancil

Lakeland, Florida, USA

Tax Advisor/CEO

User Photo Peter J. Scalise

New York, New York, USA

Federal Tax Credits & Incentives Practice Leader

User Photo John Dundon, II EA

Denver, Colorado, USA

Tax Director

User Photo Steven Potts JD EA IAR

Fullerton, California, USA

Principal

User Photo Caran Ebert, CPA

Topanga, California, USA

Tax Advisor

User Photo Devon McCarthy FCCA, EA

Sanford, Florida, USA

President

User Photo Randy Tarpey

Tyrone , Pennsylvania, USA

Owner

User Photo William Rogers, CFP, MBA, EA

Rancho Santa Fe, California, USA

CEO/Certified Financial Advisor

User Photo Bill Robinson, CPA

Chattanooga, Tennessee, USA

Owner

User Photo Hugo Van Zyl

Stellenbosch, South Africa

Exchange Control & Master Tax Practitioner (SA)

User Photo David Hughey, EA, MAcc

Longview, Washington, USA

Tax Consultant/Tax Advisor

User Photo NEERAJ BHATIA, CPA

Santa Clara, California, USA

Tax Principal - President

User Photo Douglas Stransky

Boston, Massachusetts, USA

Tax Partner, International Tax

User Photo Chad Hatalla

Rheinfelden, Switzerland

Senior Tax Manager

User Photo Larry Stolberg, CPA, CA

Toronto Mississauga Oakville Burlington Hamilton, Canada

Tax Specialist

View/Select our Current List of Tax Topics

# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Previous PageNext Page

Contact Us Today