Get Publication 4681 2020-2024

4681 such as legislation enacted after it was published go to IRS.gov/ Pub4681. What s New Get forms and other information faster and easier at IRS.gov English IRS.gov/Spanish Espa ol IRS.gov/Chinese Jan 14 2019 IRS.gov/Korean IRS.gov/Russian P IRS.gov/Vietnamese Ti ngVi t Expiring exclusion for cancellation of qualified principal residence indebtedness. Publication 4681 Contents Canceled Debts Foreclosures Repossessions and Abandonments Reminder. 2 Cat. No. 51508F Department of the Treasury Internal Revenue Service for Individuals For use in preparing 2018 Returns Introduction. 2 Common Situations Covered In This Publication. 2 Chapter 1. Canceled Debts. Form 1099-C. Discounts and Loan Modifications. Sales or Other Dispositions Such as Foreclosures and Stockholder Debt. 3 Exceptions. Gifts Bequests Devises and Inheritances. Student Loans. Deductible Debt. Price Reduced After Purchase Home Affordable Modification Program. Exclusions. Bankruptcy. Insolvency. Insolvency Worksheet. Qualified Farm Indebtedness Qualified Real Property Business Indebtedness. Qualified Principal Residence Indebtedness. Reduction of Tax Attributes. Bankruptcy and Insolvency. 10. 8 Chapter 2. Foreclosures and Worksheet for Foreclosures and Chapter 3. Abandonments. 13 Chapter 4. How To Get Tax Help. 14 Future Developments For the latest information about developments related to Pub. At the time this publication went to print taxpayers could only exclude a discharge of qualified principal residence indebtedness from income after December 31 2017 if the discharge was subject to an arrangement that was entered into and evidenced in writing before January 1 2018. To find out if legislation extended this exclusion to all qualified principal residence indebtedness discharged in 2018 go to IRS*gov/ Student loan indebtedness. If student loan indebtedness is discharged after 2017 on account of the student s death or disability the discharged debt may not have to be included in income. See Student loan cancellation later for more information* Reminder Photographs of missing children* The Internal Revenue Service is a proud partner with the National Center for Missing Exploited Children NCMEC. Photographs of missing children selected by the Center may appear in be blank. You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST 1-800-843-5678 if you recognize a child. Generally if you owe a debt to someone else and they cancel or forgive that debt for less than its full amount you are treated for income tax purposes as having income and may have to pay tax on this income. Note. This publication generally refers to debt that is canceled forgiven or discharged for less than the full amount of the debt as canceled debt. Sometimes a debt or part of a debt that you don t have to pay isn t considered canceled debt. These exceptions are discussed later under Exceptions. Sometimes a canceled debt may be excluded from your income. But if you do exclude canceled debt from income you may be required to reduce your tax attributes.