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PAT13CPA
Level 2
March 14, 2019

1099-A For primary residence

  • March 14, 2019
  • 1 reply
  • 8 views

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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1 reply

IntuitCharlene
IntuitCharleneCommunity Manager
Community Manager
March 14, 2019

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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