PAT13CPA
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03-14-2019
02:02 PM
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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.
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03-14-2019
02:43 PM
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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.
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