Not necessarily. You don't really report the foreclosure of your home on your federal return because the residence is usually "sold" at a loss, and losses are not allowed. It therefore doesn't change your taxes at this point. You may receive form 1099-A, which is not reported but should be kept for your records. However, later on (2017 or later year(s)) you may receive form 1099-C from the lender for the cancellation of the debt. That form would have to be reported on your tax return, possibly changing your taxes based on the tax law for that year.
Not necessarily. You don't really report the foreclosure of your home on your federal return because the residence is usually "sold" at a loss, and losses are not allowed. It therefore doesn't change your taxes at this point. You may receive form 1099-A, which is not reported but should be kept for your records. However, later on (2017 or later year(s)) you may receive form 1099-C from the lender for the cancellation of the debt. That form would have to be reported on your tax return, possibly changing your taxes based on the tax law for that year.