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I foreclosed on an Ohio property back in 2012. I just settled

with the second lender and...
I foreclosed on an Ohio property back in 2012. I just settled with the second lender and am trying to assess the tax consequences. I currently live in California. Which state's income tax laws apply to the forgiven debt, CA or OH? Does one or both states comply with the Mortgage Forgiveness Debt Relief Act?
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Answered in 7 minutes by:
10/2/2013
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,887
Experience: 15years with H & R Block. Divisional leader, Instructor
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Robin D. :

Hello and thanks for trusting me to help you today. I am a tax adviser with over 15 years of experience.
If you are a tax resident of CA when the event occurs then your resident CA return will need to show the "sale" and any income should the loan be forgiven.
If you were not resident in Ohio the same would be relevant but as a nonresident. You would need to report the "sale" of the property on a nonresident return.
California law conforms, with modifications, to federal mortgage forgiveness debt relief for discharges that occurred in tax years 2007 through December 31, 2012.
I am checking on Ohio

Customer:

So California did not extend it through 2013?

Robin D. :

The last word the FTB had was the 2012 date.

Robin D. :

Ohio starts with the federal income so if you can exclude any for federal purposes then you can do the same for Ohio

Robin D. :

California SB 30 will extend the sunset date in California law to Jan. 1, 2014. Upon its passage, the measure will be retroactive to Jan. 1, 2013. With its passage in the Senate, SB 30 is now headed to the Assembly.

Robin D. :

Let me check to see if it passed (may be not yet as the FTB has not updated their website)

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,887
Experience: 15years with H & R Block. Divisional leader, Instructor
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Robin D.
Robin D.
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Category: Tax
Satisfied Customers: 15,887
15,887 Satisfied Customers
Experience: 15years with H & R Block. Divisional leader, Instructor

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