Tax Administration: Expanded Information Reporting Could Help IRS Address Compliance Challenges with Forgiven Mortgage Debt
Description:
A letter report issued by the Government Accountability Office with an abstract that begins "To assist the growing number of taxpayers facing foreclosure or mortgage restructuring, the Mortgage Forgiveness Debt Relief Act of 2007, and its 3-year extension as part of the Emergency Economic Stabilization Act of 2008, allows taxpayers to generally exclude from taxable income forgiven mortgage debt used to buy, build, or substantially improve a principal residence. Joint Committee on Taxation (JCT)…
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Date:
August 31, 2010
Creator:
United States. Government Accountability Office.
Partner:
UNT Libraries Government Documents Department