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What does this statement mean for a 1099-C: For tax years after 2016, the debt forgiveness must be subject to an arrangement entered into and evidenced in writing before
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What does this statement mean for a 1099-C: For tax years after 2016, the debt forgiveness must be subject to an arrangement entered into and evidenced in writing before
It means that this action of debt discharge must have had a written agreement between you and the lender in 2016, for you to qualify for the tax relief, providing you meet the qualifications.
Extension of the Mortgage Debt Relief ActThe Act initially covered a three-year period between 2007 and 2010, but was extended four times, to 2012, 2013, 2014 and then to 2016. This can also apply to debt that is discharged in 2017 provided that there was a written agreement entered into in 2016.
- (Click here for information on how to avoid tax on cancelled mortgage debt.)
**The new tax law extensions, including this one, recently passed on February 9th, 2018, are provided below. They will be ready when the IRS is ready.
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What does this statement mean for a 1099-C: For tax years after 2016, the debt forgiveness must be subject to an arrangement entered into and evidenced in writing before
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What does this statement mean for a 1099-C: For tax years after 2016, the debt forgiveness must be subject to an arrangement entered into and evidenced in writing before
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What does this statement mean for a 1099-C: For tax years after 2016, the debt forgiveness must be subject to an arrangement entered into and evidenced in writing before
It means that this action of debt discharge must have had a written agreement between you and the lender in 2016, for you to qualify for the tax relief, providing you meet the qualifications.
Extension of the Mortgage Debt Relief ActThe Act initially covered a three-year period between 2007 and 2010, but was extended four times, to 2012, 2013, 2014 and then to 2016. This can also apply to debt that is discharged in 2017 provided that there was a written agreement entered into in 2016.
- (Click here for information on how to avoid tax on cancelled mortgage debt.)
**The new tax law extensions, including this one, recently passed on February 9th, 2018, are provided below. They will be ready when the IRS is ready.
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