This is a tax topic that has been a part of the latest tax reform since December 2017. Consequently, much of the nuts and bolts haven't yet been worked out by the IRS, let alone TurboTax. Which exclusion do you qualify for? Some are still available but require different methods.
It would fall under this description. " If the debt canceled was acquisition debt secured by your principal residence (it is acquisition debt if you used the proceeds to buy, build, or substantially improve your main home) you may qualify for Home Mortgage Debt Forgiveness Relief . You must file Form 982, Reduction of Tax Attributes Due to Discharge of indebtedness." We were able to do this last year has it changed?
That expired at the end of 2016, but got renewed a few weeks ago. So, that's the good news. The bad news is you may have to wait. Hope this helps. <a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/replies/6635123">https://ttlc.intuit.com/replies/6635123</a>
This is a tax topic that has been a part of the latest tax reform since December 2017. Consequently, much of the nuts and bolts haven't yet been worked out by the IRS, let alone TurboTax. Which exclusion do you qualify for? Some are still available but require different methods.
"If the debt canceled was acquisition debt secured by your principal residence (it is acquisition debt if you used the proceeds to buy, build, or substantially improve your main home) you may qualify for Home Mortgage Debt Forgiveness
Relief .
You must file Form 982, Reduction of Tax Attributes Due to Discharge of indebtedness."
That expired at the end of 2016, but got renewed a few weeks ago. So, that's the good news. The bad news is you may have to wait. Hope this helps. https://ttlc.intuit.com/replies/6635123