The Mortgage Forgiveness Debt Relief Act

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The Mortgage Forgiveness Debt Relief Act and Debt Cancellation

Under the Mortgage Forgiveness Debt Relief Act of 2007, taxpayers generally can exclude income from the discharge of debt on their principal residence or mortgage restructuring. This exception does not apply to second homes or vacation homes.

by: Internal Revenue Service

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Related Questions


Question: Hoping I picked the right category. In January of this year (2017) I received a 1099-C from the bank cancelation of debt from a Home Equity Line. Does the bank need to release the lien or deed that was recorded when the HEL was established? How do I know they truely forgave the debt or if there is still some backdoor for them to collect should I sell or refi the home? I only received the 1099-C nothing else. And at the Maricopa recorders office no release was recorded. What do I need to do to have them release it. Is there a time frame that the bank is required to file a release?
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Question: Have two homes, Glendale & Surprise, was living in the Glendale home until wife passed away, on 10/2006, moved to other home in Surprise right after death of Wife. Moved out of home in Glendale due to the pain so I moved to our other home in Surprise leaving my son to live in the Glendale home. During the healing time, my real estate income went so low that I lost the home to foreclosure in May of 2008, which I accepted keys for cash from Ocwen, and moved back to Glendale home. Does the home in Surprise qualify for Mortgage Forgiveness Debt Relief, since I was living there for 1 1/2 years.
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