Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

1099-A For primary residence

PAT13CPA
Level 1

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.

0 Cheers

This discussion has been locked. New comments cannot be posted on this discussion anymore. Start a new discussion

1 Best Answer

Accepted Solutions
IntuitCharlene
Moderator
Moderator

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"

View solution in original post

0 Cheers
1 Comment 1
IntuitCharlene
Moderator
Moderator

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"
0 Cheers