Issue Number: IRS Tax Tip 2014-31 Inside This Issue ________________________________________ Special Exclusion for Cancelled Home Mortgage Debt If a lender cancels or forgives money you owe, you usually have to pay tax on that amount. But when it comes to your home, an important exception to this rule may apply in 2013. Here are several key facts from the IRS about the special exclusion for cancelled home mortgage debt: • If the cancelled debt was a mortgage loan on your main home, you may be able to exclude the cancelled amount from your income. To qualify you must have used the loan to buy, build or substantially improve your main home. The loan must also be secured by your main home.
Posted on: Wed, 12 Mar 2014 14:50:39 +0000
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