North Brunswick Real Estate Blog | Your Place for Advice and Information About New Jersey Real Estate » Uncategorized http://homesofnj.com/blog The North Brunswick Real Estate Blog is authored by ERA Absolute Realty and is your resource for everything related to real estate, home buying and selling in North Brunswick, New Jersey and surrounding areas. Looking for your dream home? Want to sell the home you own? We are passionate about our industry and this is our way of opening it to you. For more information please call 732-220-6611. Fri, 02 Jan 2009 13:33:18 +0000 http://wordpress.org/?v=2.2.2 en Mortgage Forgiveness Tax Relief - IRS instructions available http://homesofnj.com/blog/mortgage-forgiveness-tax-relief-irs-instructions-available/ http://homesofnj.com/blog/mortgage-forgiveness-tax-relief-irs-instructions-available/#comments Fri, 22 Feb 2008 18:28:03 +0000 Scott Lauri http://homesofnj.com/mortgage-forgiveness-tax-relief-irs-instructions-available/ The IRS has released a document - IR-2008-27 - to educate taxpayers on complying with the mortgage cancellation tax relief provisions enacted at the end of last year. Borrowers who had some portion of their mortgage debt forgiven in 2007 should receive a Form 1099C from the lender identifying the amount of forgiven debt. Borrowers must also file a newly created form to report to the IRS that the debt relief was for a qualified mortgage. The new form, Form 982, and its instructions are available online from the IRS. The mortgage relief provision applies to debt forgiven in 2007, no matter when the mortgage was entered into. The most frequent circumstances in which debt is forgiven is on foreclosure, short sale, or a workout or reformation agreed to with the lender.
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