If you’ve lost your home to foreclosure, had credit card - TopicsExpress

If you’ve lost your home to foreclosure, had credit card balances written off or your car repossessed, you need to know about the tax consequences of cancellation of debt income. Use Form 982 to explain to the IRS why your cancelled debt income isn’t taxable, or the IRS will treat it as taxable income. Learn more from National Taxpayer Advocate Nina Olson about this issue. Additionally, new statistics on the top 10 issues in TAS case advocacy for FY 2013 are available on the Case Advocacy page of the Taxpayer Advocate Service’s Tax Toolkit. 

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