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I have received a loan modification for my mortgage and was…

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I have received a...

I have received a loan modification for my mortgage and was told that there might be income tax consequences related to the modification and I would be responsible for any income tax due as a result of the modification. I tried to find out more information from my mortgage company but was told to contact a tax advisor. How can I find out how much taxes if any I will need to pay. My husband and I are both retired and only receive social security and his pension for our income. Any information you have will be appreciated. I want to be prepared so I don't have any surprises come tax time. Thank you.

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

So I do need to see an accountant

Submitted: 3 months ago.Category: Tax
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12/21/2017
Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 3 months ago
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,148
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
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Welcome to JustAnswer!

My name is***** will assist you today.

In General, any loan modification that includes a forgiveness of debt may be a taxable event.

If the loan modification doesn't include a forgiveness of debt then the next taxable item to consider is the amount of interest that you may currently deduct, if any.

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Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 3 months ago

The above two items will generally be the most common tax issues when modifying a loan.

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Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 3 months ago

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Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 3 months ago

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