April 25, 2008
New IRS Form for Mortgage Forgiveness Income
Here is the IRS Announcement and their new form for reporting income under the Mortgage Forgiveness Debt Relief Act of 2007. Surprisingly, the IRS will permit the new law to apply to refinance debts even though, by its terms, the Act applies to the discharge of "qualified principal residence indebtedness" which means "acquisition indebtedness."
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