Answered: 1099-A For primary residence

PAT13CPA · ‎03-14-2019

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.

IntuitCharlene · ‎03-14-2019

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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IntuitCharlene · ‎03-14-2019

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"

1099-A For primary residence

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