Two important tax provisions updated

[pipeguy]

This has to do with student loans - payback and 1099C for certain taxpayers. 

https://www.consumerfinance.gov/about-us/blog/help-here-people-severe-disabilities-struggling-studen...

Included in the Federal Budget Continual Resolution (CR) which will turn into an Omnibus for FY 18 (type of federal budget). Tax extender for mortgage loan forgiveness which can become a 1099C "income" for the defaulter for 2017: 

• Extension of exclusion from gross income of discharge of qualified principal residence indebtedness.

Note that this one is pending Congressional approval on February 8, 2018.  (updated: Passed at 5:45 AM on 2/9/18)

[Anonymous]

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wrote:

This has to do with student loans - payback and 1099C for certain taxpayers. 

https://www.consumerfinance.gov/about-us/blog/help-here-people-severe-disabilities-struggling-studen...

Included in the Federal Budget Continual Resolution (CR) which will turn into an Omnibus for FY 18 (type of federal budget). Tax extender for mortgage loan forgiveness which can become a 1099C "income" for the defaulter for 2017: 

• Extension of exclusion from gross income of discharge of qualified principal residence indebtedness.

Note that this one is pending Congressional approval on February 8, 2018.  

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Very interesting read! Thanks for the awakening ...

[Anonymous]

This is a good thing. Too late for me. I paid my taxes two years ago on my claim. Oh well. Better late than never for those about to file.