TaxConnections

Login | TAXPAYERS | TAX PROFESSIONALS-START HERE

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 274 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 274 weeks ago

Meet Leading Tax Advisors

User Photo Peter J. Scalise

Federal Tax Credits & Incentives Practice Leader

New York, NY

User Photo John L Stancil

Tax Advisor/CEO

Lakeland, FL

User Photo John R Dundon, II EA

Tax Director

Denver, CO

User Photo Kevin Johnson MS, JD, LL.M, CPA

Partner

Philadelphia, PA

User Photo Brian Weaver, CPA, MBA

Managing Tax Consultant

Des Plaines, IL

User Photo William Rogers, CFP, MBA, EA

Rancho Santa Fe, CA

Title

User Photo Clinton J Donnelly, LLM

International Tax Advisor

Panama City, Panama

User Photo Jim Marshall, EA

President/ Tax And Financial Advisor

Scottsdale, AZ

User Photo Brett A Thompson, JD, CPA

Managing Tax Lawyer

Katy, TX

User Photo Charles Woodson, EA

Tax Advisor/Fiduciary Coach

San Diego, CA

User Photo John Richardson

Tax Lawyer

Toronto, Canada

User Photo Clifford Benjamin

Senior Tax Principal

Daytona Beach, FL

User Photo Kazim Qasim, EA, CTC

Managing Tax Advisor/CEO

Orlando, FL

 

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

INCREASE KNOWLEDGE WITH EVERY ISSUE OF TAXCONNECTIONS

 

Learn from tax advisors, straight to your inbox

Update My Email Address
Contact Us Today