PAT13CPA
Level 1
03-14-2019
02:02 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Can the gain on a foreclosure of a primary residence be excluded on a 2018 tax return. The agreement was finalized in 2018 and it was recourse debt.
Best Answer Click here
Labels
Moderator
03-14-2019
02:43 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Looking at Pub 4681 https://www.irs.gov/pub/irs-pdf/p4681.pdf page 9 indicates that the debt would have needed to be discharged before January 1st 2018 to still qualify for the Cancellation of Debt on a Primary Residence.
As of now this has not been extended for 2018.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Accept as solution"
**Mark the post that answers your question by clicking on "Accept as solution"