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Irs 982 instructions 2023 Form: What You Should Know

These documents usually take several months to prepare and are not intended to replace your own tax return or the preparation of any tax return for which you may be liable. The IRS assumes no responsibility or liability for the accuracy or currency of information in any release, and no representation is made as to its comprehensiveness or accuracy. This is a PDF-only document.

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Video instructions and help with filling out and completing Irs Form 982 Instructions 2023

Instructions and Help about Irs Form 982 Instructions 2023

Hey this is Jairus Jill Cortina and thank you for being with us in our QA on the questions homeowners have when facing foreclosure this one's actually a tax related deficiency related question so what is the form 982 with the IRS and that give you guys a little bit more inside before I ask Joe to question because I know he's he's been feeling a little bit of a bug but he looks like he's feeling a little better so I'm gonna give him the full question but before I do that if you guys want to find this in Google you can do it on the Mortgage Forgiveness Act of 2023 and and put in a form 982 and you'll hear exactly the same thing that Joe is gonna tell us right now you don't have taxable income on your debt if you is a principal residence and to qualify for a principal residence you have to lived in the home two of the last five years not consecutively not the first two not the last two just two of the last five now should we talk about insolvency on the well the form 982 is the insolvent form so you have with two sides of this coin you have two side that it is a primary resident and also that the fact that you live there two out of five years and it's you get 1099 by your lender so you write off the taxes that you're presumed to owed or you have to owe the IRS with this but this is sometimes for the homeowners that are insolvent meaning in in reference to present investment problem right so the Act protects you as a primary resident but if you're an investor the investor has to do...