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Form 982 Elizabeth New Jersey: What You Should Know
This includes cancellation of debt by bankruptcy. Also included are mortgage defaults, debtor in possession defaults (DIP), trustee/trustee in bankruptcy, and trustee/trustee in possession defaults (TIP). —Gross income includes income from cancellation of debt (COD) (a.k.a. discharge of. . ). This includes cancellation of debt by bankruptcy. Also included are mortgage defaults, debtor in possession defaults (DIP), trustee/trustee in bankruptcy, and trustee/trustee in possession defaults (TIP). Gross income includes cancellation of debt (COD), tax-exempt interest and gain or loss from the foreclosure or transfer of real estate (a.k.a. gain or loss from DIP). See chapter 3 for more. Gross income includes cancellation of debt (COD), mortgage interest, and tax-exempt interest. DIP and TIP include the following types of debt:. Mortgage debt. Bankruptcy mortgage. Trustee/trustee in the bankruptcy of the borrower's estate. Creditor defaulted or transferred mortgages. DIP and TIP apply to property other than real property such as land or stocks. Mortgage debt includes most residential mortgages. Generally, it includes, at a minimum, real estate loans:. Repossessed from the mortgagor upon foreclosure and with attached mortgages. . Repossessed from mortgagor upon bankruptcy dissolution and with attached mortgages. . Mortgage debt from a loan secured by a certificate of personal property assessment (CIA). . Mortgage-backed securities (MBS). In COD, the amount is the net amount of COD that results from the debtor's decision to cancel and discharge the debt in the following circumstances. . Cancellation of a secured mortgage loan that is secured by an appraisal. See chapter 5 for more. . A mortgage loan that is secured by a mortgage on a home. . Cancellation of a mortgage secured by a lien on an insured depository institution. Gross income includes cancellation of debt (COD). Cancellation of debt is the process of selling the property and discharging the debt. Cancellation may occur when: • you sell the property after foreclosure or if you are in bankruptcy and choose to do so. • you foreclose on your property and choose to do so. • you are a debtor in possession of a foreclosureed property. • you are a debtor to whom a foreclosure sale has been sold.
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