Congress Extends the Income Exclusion for 1099...
Congress Extends the Income Exclusion for 1099 ‘Forgiven’ Mortgage Debt to Tax Years 2015 and 2016 For a more detailed discussion on tax debt and other tax resolution issues, be sure to read Wartchow Law’s Tax Blog. On December 18, 2015, Congress extended certain tax breaks to apply for both tax years 2015 and 2016, including the income exclusion for forgiven mortgage debt on a qualified principal residence. “Forgiven” or “cancelled” mortgage debt on a Form 1099-C occurs usua