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SY Accountancy Corporation Member, American Institute of CPA's 704 Mira Monte Place, Pasadena, California 91101 Tel (626) 744-0200. Fax (626) 744-0300. Vs victorsycpa.com DEBT RELIEF EXCLUSION FOR

This income is subject to federal income tax withholding for non-qualifying property, and tax withholding for qualified property. Qualified real property includes rental units in rental properties, or in properties for which capital appreciation is taxable gain (e.g., units in vacant land and buildings). The following discussion examines the potential tax consequences of canceling debt from foreclosures, short sales, and abandonment of rental properties. The first step is to determine if the property is qualified real property as defined previously in the discussion on tax-exempt real property. If not, the next step would be to determine whether the cancellation of debt is the result of a voluntary exercise of the right to exercise the rights of a qualified landlord. If no exercise of the right to exercise the rights of a qualified landlord was made, then the property isn't qualify for tax exemption according to its general description. (For more information on how to use IRS Form 1099-DIV, “Gain on Sale or Exchange of Property,” to compute qualifying rental income, please refer to Publication 708.) However, if a property is the subject of a foreclosure, short sale, or abandonment, the property could be qualified rental property for U.S. federal income tax purposes. Therefore, a property could be canceled mortgage debt if the property is qualified rental property and no exercise of the right to exercise the rights of a qualified landlord was made, or if, following the termination of a short sale or abandonment, the property is returned as the result of foreclosure, or if the property had become qualified rental property if it had been sold for cash at a public auction (if no exercise of the right to exercise the rights of a qualified landlord had been made). The discussion begins with three scenarios where the cancellation of debt could result in tax consequences. In each example, the tax implications are discussed in detail. In the first scenario, the home is for sale and the purchaser decides to lease the home. In the second scenario, the home is for sale and the purchaser decides to lease the home. In the third scenario, the home is for sale and the purchaser decides to lease the home. Before we continue to discuss the analysis, we will introduce tax terms for foreclosures and short sales as we discuss the analysis. Foreclosure is the release of a home from the lender as a result of the default of the borrower on a mortgage.

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Sy Accountancy Corporation is a professional accounting firm that provides financial services to businesses and individuals.

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The purpose of Sy Accountancy Corporation is to provide professional accounting services and financial management assistance to businesses and individuals.

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