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Form 982 Minnesota: What You Should Know
If your tax preparer believes you qualify for the exemption, you should fill out a 982 form to go along with the 1099-C form. You can go to the Minnesota Homeownership Center website for more information. Mortgage debt forgiveness is not a taxpayer exemption in Minnesota. A qualified homeowner who understands the tax benefits from the state's property tax rebate program may qualify for a tax exemption on tax payments in lieu of the forgiveness of mortgage debt. Note: To receive a tax exemption for forgiven mortgage debt you must still make payments on the debt, but the payments are not tax deferred. Instead, they are made into a state tax refund in the payment's account which is then used to pay the mortgage debt. The state then receives the tax refund and does not make any further payments on the tax mortgage debt. The State tax refund does NOT cover the forgiven mortgage debt amount. You can go to the Minnesota Homeownership Center website for more information. A.M. Best Mortgage Advisors, Inc.'s mission is to serve our clients with excellence and passion for the mortgage finance industry. The company's principals are attorneys, financial analysts and mortgage brokers from all over the state of Minnesota. Mortgage Debt Forge stage When you pay a mortgage principal balance interest is paid by your lender on your mortgage, usually daily. The lender, (your mortgage company), is the one who decides how long you have to pay off the mortgage. There are different ways to pay off the mortgage by your lender such as monthly payments or the monthly interest capped payments. Monthly payments are generally more frequent, but you can choose this payment style if you do not have enough interest on the mortgage. Interest is usually paid monthly until you pay off all the mortgage. You can also choose to pay your mortgage in more frequent installments. When you get a mortgage or any other type of debt your lender will ask you to pay monthly interest. This payment is interest paid over the life of the debt. Many lenders also have payments that they impose on you on top of the interest you pay. These “interest-only” payments are not interest payments.
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