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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16547
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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My mortgage was mod under the hamp program in 2011 and 90k

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My mortgage was mod under the hamp program in 2011 and 90k principal balance was forgiven by lender and they issue a 1099C but the lender which says I am personally liable for debt ? How the mortgage forgiveness act works to wipe those : supposedly taxes i should pay otherwise?

Megan C :

Hello, and welcome. Thanks for your question. My name is XXXXX XXXXX I would be happy to help you

Megan C :

You do not have to pay tax on the cancellation of debt related to your primary residence

Customer:

what do i need to do

Megan C :

You fill out form 982, check box 1e and write the amount of the canceled debt on line 2. That's all you have to do with the form.

Customer:

thank you,

Megan C :

you're welcome. Is there anything else I can assist you with tonight?

Customer:

no that!

Megan C :

Okay great. If you would, please rate my response positive so that I may receive credit for assisting you today

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