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Tax Tip! TaxBreak 2008 from wchstv.com
Smart Ideas To Save You Time and Money on your Taxes

A break on mortgage forgiveness

When fighting to hold onto your home, every little bit helps.

Late last year, Congress approved a measure aimed at providing a tax break to people fighting foreclosure. Taxpayers granted so-called forgiveness of mortgage debt do not have to pay taxes on the amount forgiven.

Only debt on a principal residence is eligible. The limit is capped at 2 million dollars, or 1 million for a married person filing jointly.

The break applies to restructured mortgage agreements entered into after January 1st of 2007. The potential value of the tax break is considerable, because in the past such loan forgiveness was often taxed as income. The last thing a homeowner fighting to avoid foreclosure needs is a surprisingly large tax bill after clearing the hurdle with the mortgage servicer.


More TaxBreak 2008
Get More Tax Tips You Can Use!


Common Tax Forms you can download as Adobe Acrobat (PDF) forms. The complete list of tax forms is available at www.irs.gov You can download a free Adobe Acrobat reader from Adobe

Form W-4 Employee's Withholding
Form 1040EZ Income Tax Return for Single and Joint Filers With No Dependents
Instructions for 1040EZ Instructions
Form 1040 U.S. Individual Income Tax Return
Instructions for 1040 (Tax Tables) Tax Table and Tax Rate Schedules
Instructions for 1040 (General Inst.) Instructions for Form 1040
Form 1040 (Schedule A&B) Itemized Deductions and Interest & Dividend Income
Instructions for 1040 (Schedule A&B) Instructions
Form 1040 (Schedule C) Profit or Loss from Business (Sole Proprietorship)
Instructions for 1040 (Schedule C) Instructions
Form 1040 (Schedule C-EZ) Net Profit from Business (Sole Proprietorship)
Form 1040 (Schedule D) Capital Gains and Losses
Instructions for 1040 (Schedule D) Instructions
Form 1040 (Schedule D-1) Continuation Sheet for Schedule D (Form 1040)
Form 1040 (Schedule E) Supplemental Income and Loss
Instructions for 1040 (Schedule E) Instructions
Form 1040 (Schedule EIC) Earned Income Credit
Form 1040 (Schedule F) Profit or Loss From Farming
Instructions for 1040 (Schedule F) Instructions
Form 1040 (Schedule H) Household Employment Taxes
Instructions for 1040 (Schedule H) Instructions
Form 1040 (Schedule J) Farm Income Averaging
Instructions for 1040 (Schedule J) Instructions
Form 1040 (Schedule R) Credit for the Elderly or the Disabled
Instructions for 1040 (Schedule R) Instructions
Form 1040 (Schedule SE) Self-Employment Tax
Instructions for 1040 (schedule SE) Instructions
Form 1040A U.S. Individual Income Tax Return
Instructions for 1040A Instructions
Form 1040A (Schedule 1) Interest and Ordinary Dividends for Form 1040A Filers
Form 1040A (Schedule 2) Child and Dependent Care Expenses for Form 1040A Filers
Form 1040A (Schedule 3) Credit for the Elderly or the Disabled for Form 1040A Filers
Instructions for 1040A (Schedule 3) Instructions
0696 Form 8332 Release of Claim to Exemption for Child of Divorced or Separated Parents


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