Housing Assistance: An Inventory of Fiscal Year 2010 Programs, Tax Expenditures, and Other Activities
U.S. Government Accountability Office
Exclusion of forgiven mortgage debts
| Administering Agency/Entity |
Internal Revenue Service |
| Short Description |
Allows taxpayers with forgiven mortgage debts on a qualified principal residence to exclude up to $2 million (up to $1 million if married filing separately) in canceled debts from income. The exclusion is scheduled to expire on December 31, 2012. |
| Primary Purpose |
Emergency assistance to housing market or current homeowner |
| Type of Housing Supported |
Homeownership |
| Type of Assistance |
Tax exclusion, exemption, or deduction |
| Estimated Revenue Loss1 |
$1,480,000,000 |
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