Analysis of the Proposed Tax Exclusion for Canceled Mortgage Debt Income
Description:
Mortgage debt cancellation can occur when lenders restructure loans, reducing principal balances, or sell properties, either in advance, or as a result, of foreclosure proceedings. If a lender forgiver or cancels such debt, current tax law treats it as cancellation of debt (COD) income subject to tax. There are exceptions for taxpayers may exclude canceled mortgage debt income under existing law.
Date:
November 5, 2007
Creator:
Jackson, Pamela J.
Item Type:
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Partner:
UNT Libraries Government Documents Department