Posts tagged "forgiveness"

You may get relief from the IRS, but the FTB says no when it comes to mortgage debt relief.

California law remains out of conformity with the federal statutory exclusion for certain discharges of qualified principal residence indebtedness for discharges of indebtedness occurring on or after January 1, 2014. However, as explained in detail in FTB's February 2014 Tax News article, California law conforms and incorporates by reference the general rules of the federal tax law governing the forgiveness of nonrecourse and recourse indebtedness. California will follow federal law as it relates to the determination of whether cancellation of debt income ("CODI") exists as a result of the sale of a principal residence. See also, https://www.ftb.ca.gov/aboutFTB/newsroom/Mortgage_Debt_Relief_Law.shtml

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