Home mortgage debt forgiveness exclusion

On Dec. 19, the President signed the Tax Increase Prevention Act into law.  The act extends more than 50 tax breaks – but only through December 31, 2014.  One of the extenders is the home mortgage debt forgiveness exclusion.

Discharge of indebtedness income from qualified principal residence debt, up to a $2 million limit ($1 million for married taxpayers filing separately), may be excluded from gross income.  This exclusion now applies to home mortgage debt discharged before Jan. 1, 2015.

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