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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.

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IntuitCharlene
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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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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" and then just changing the Accept as solution to Mark as Best Answer, mine gets cutoff, so it is too long. I changed mine to the following and it fits. -->**Say "Thanks" by clicking the thumb icon in a post
**Click "Mark as Best Answer " to mark the post that answers your question.
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