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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