You'll need to sign in or create an account to connect with an expert.
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
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
rockwellkgirl
New Member
dbrodt244
New Member
Valveran1
New Member
PaulKoss
New Member
geowalk22
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.