A WSJ Story indicates that new a new PDF version IRS Form 982 (Feb. 08) has been posted on the IRS website HERE. This form, which includes some instructions, allows filers to write down a portion of mortgage debt, under certain conditions as provided by the Mortgage Forgiveness Debt Relief Act of 2007.
However, the IRS Debt Relief main Questions and Answers web page on Foreclosure and Debt Relief HERE indicates that written guidance found on that page is NOT yet updated to reflect mortgage relief, and the updated Form 982 is not even listed on that page as of this afternoon. [I recommend that those interested check this Q and A IRS page frequently for updates, as they should be coming soon].
An earlier post this year on this blog HERE pointed out that the IRS Advocate had identified problems with the IRS implementation of the Mortgage Forgiveness Debt Relief Act of 2007. The post concluded: "This absence of assistance and the scattered complexity of guidance clearly will force many taxpayers with cancellation of debt to pay for the services of a tax professional."
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