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Two important tax provisions updated

Valued Contributor

Two important tax provisions updated

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)

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Super Contributor

Re: Two important tax provisions updated


@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-student-loans/?utm_source=newsletter&utm_term=20180208oa

 

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.  


Very interesting read! Thanks for the awakening ... Smiley Wink

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Regular Contributor

Re: Two important tax provisions updated

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.



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