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Video instructions and help with filling out and completing irs form 982 instructions 2021
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 2021 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 a balance sheet of how much you put into your investment how much you've lost against that and the ten the Forman 982 basically shows whether you owe the taxes up right so if you're an investor in real estate and you the first domino goes down and all of a sudden everything else is underwater you can still do the short sales and be covered because you are probably insolvent yeah basically installments just simply says is you owe more than you weren't in a nutshell so hopefully that answered your questions if you do Google Form 982 of the IRS and the Mortgage Forgiveness Act of 2021 you get more information sometimes that government information is a little dry so if you probably want to read it before bed it'll be good and hopefully we can see you guys on the other time hey this is Jairus and I want to thank you very much for watching our videos one of the most important parts is is that recently did these videos is to take action to make things better than what they were yesterday especially when you're facing foreclosure so what we've done is we've put.