Massachusetts S1791 modifies tax treatment of forgiven mortgage debt on principal residences.
Massachusetts S1791 amends the tax code to exclude up to $2 million of forgiven mortgage debt on principal residences from gross income, subject to certain conditions. This applies to debt reduced through mortgage restructuring or forgiven in connection with a foreclosure. The exclusion applies to discharges of indebtedness on or after January 1, 2013. The bill also mandates the commissioner to issue regulations to implement this provision.
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