You'll need to sign in or create an account to connect with an expert.
A home lost due to bankruptcy is not a taxable event. Even though your debt was cancelled because the bank took the home, the IRS does not tax the amount of cancelled debt. There is nothing to report on your tax return, but keep all your records with your tax files. There is more information below, be sure to click the blue hyperlinks for all the details.
A home lost due to bankruptcy is not a taxable event. Even though your debt was cancelled because the bank took the home, the IRS does not tax the amount of cancelled debt. There is nothing to report on your tax return, but keep all your records with your tax files. There is more information below, be sure to click the blue hyperlinks for all the details.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
aE
Level 3
ScottM4400
Level 1
aE
Level 3
kimberlynoellamb
New Member
montasa21
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.