Did you have a SHORT SALE in 2007?
The Mortgage Forgiveness Debt Relief Act, which became law on December 20, 2007, allows some taxpayers whose mortgage debt was partly or entirely forgiven during 2007 to claim special tax relief. The late enactment of the law means that most tax preparation software packages do not contain the revised forms necessary to claim the tax relief. You should check with your software provider for updates that include form 982 as revised in February 2008.
You can view the revised form 982 and read instructions on completing it. If you have additional questions, visit the IRS website at http://www.irs.gov or call for live telephone assistance, toll-free at 1-800-829-1040 Monday through Friday, 7:00 am to 10:00 p.m. your local time.
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Posted in: Mortgage News
