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S
SANDRAO
Level 1
March 2, 2022
Question

Sale of a House

  • March 2, 2022
  • 2 replies
  • 13 views

Hello, 

 

I have a situation that I would like to double check... 

A client sold his house in 2021 and he had a loan cancellation of $70,000.00 in 2010 from his mortgage loan... at the time this was not taxable and it was reported to the IRS... does this affect his basis when I am reporting the sale of the house? 

This topic has been closed for replies.

2 replies

T
TaxGuyBill
March 2, 2022

Probably?

If Basis is reduced, will the sale be taxable?

You should have the 2010 tax return and look at Form 982.

    N
    Norman2001
    Level 6
    March 2, 2022

    This is from 2010 Pub 523 

    Decreases to Basis 

    These include the following.
    • Discharge of qualified principal residence indebtedness that was excluded from income (but not below
    zero).

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