Treasury home affordable modification program

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The full amount of this discharge of indebtedness is reported to the IRS and the homeowner on Form —C, Cancellation of Debt, regardless of whether the homeowner may exclude any, or all, of it from gross income. See Questions 4 and 5 below for discussion of some exclusions that may apply. A4: The exclusion for qualified principal residence indebtedness may apply to a discharge of indebtedness under a PRA principal reduction if the amount discharged meets the criteria for qualified principal residence indebtedness.

Under current law, this exclusion does not apply to discharges that occur after Dec. For further discussion of the qualified principal residence exclusion, see the questions and answers on The Mortgage Forgiveness Debt Relief Act and Debt Cancellation page. No longer available. At Headquarters. At Our Bureaus. Top 10 Reasons to Work Here. Benefits and Growth. Veterans Employment.

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