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Form 982 College Station Texas: What You Should Know
Form 982-G (Renounced) for Mortgage Debt Exclusion When you buy a home and the lenders foreclose, you will normally be assessed a foreclosure sale charge on real estate, including mortgage debt. But, if the foreclosure sale results in the creditor writing off or settling the debt, the amount of the foreclosure sale charge is usually reduced. See IRS Publication 970 for more information. How Much of Your Mortgage Can You Exclude if You File Form 982? If you qualify for the debt tax deduction, you can exclude as income some or all of the mortgage interest paid, even when you sell the property. See section 168 of the Code for more information. How Much Mortgage Interest Can You Exclude if You Don't Qualify for the Mortgage Debt Deduction or If You Use Form 982? If you don't qualify for the mortgage debt deduction or if you don't use form 982, you can exclude all the mortgage interest on your mortgage interest related to the first 500,000 of your home's value. The amount you can exclude for this purpose is 750,000 for primary residences, 350,000 for second homes, and 200,000 for third homes. For second homes and third homes, the amount is reduced by the amount you write off or settle using form 982. Is the Mortgage Deduction for Qualifying First Time Homebuyers? No, the mortgage deduction only applies to qualified homebuyers.
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