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For example, principal residences are sold in California on a nonrecourse basis.

Hence, homeowners can walk away from their loans without fear of being pursued by the creditors.

The principal residence basis is 0,000, and the FMV is 0,000.

The property is considered to be sold for 0,000, and its FMV is irrelevant for purposes of determining liability relief.

Hence, absent finding some other provision that would exclude discharged home equity indebtedness from income (i.e., title 11 bankruptcy under Sec. 108(a)(1)(B), such discharge will result in income recognition. 108(h)(5) defines a principal residence as having the same meaning as used in Sec. The ownership and use tests need not be concurrent.

Recourse debt means that the debtor can be held personally liable in the event of default.

When a creditor reduces a loan balance on the principal residence, Sec. 108 must file with the tax return Form 982, Reduction of Tax Attributes due to Discharge of Indebtedness (and Section 1082 Basis Adjustment).

108(h)(1) provides that the basis of the residence shall be reduced (but not below zero) by the amount of the discharge. 108(h)(3) states that the general rule of nontaxability will not apply if the reason for the discharge is services performed by the debtor for the lender or any other factor not related to the decline of the property’s value or the taxpayer’s financial condition. 108(a)(2)(A) the general exclusion rule on principal residence indebtedness discharge will not apply if the discharge occurs in a title 11 bankruptcy case. As noted above, the total amount of principal residence indebtedness that qualifies for relief is million.

163(h)(3)(B), except that the total indebtedness excluded for purposes of Sec. 163(h)(3)(B)(i) defines acquisition indebtedness as indebtedness that is incurred in acquiring, constructing, or substantially improving any qualified residence and is secured by the residence.

108 is million, not the

Recourse debt means that the debtor can be held personally liable in the event of default.

When a creditor reduces a loan balance on the principal residence, Sec. 108 must file with the tax return Form 982, Reduction of Tax Attributes due to Discharge of Indebtedness (and Section 1082 Basis Adjustment).

108(h)(1) provides that the basis of the residence shall be reduced (but not below zero) by the amount of the discharge. 108(h)(3) states that the general rule of nontaxability will not apply if the reason for the discharge is services performed by the debtor for the lender or any other factor not related to the decline of the property’s value or the taxpayer’s financial condition. 108(a)(2)(A) the general exclusion rule on principal residence indebtedness discharge will not apply if the discharge occurs in a title 11 bankruptcy case. As noted above, the total amount of principal residence indebtedness that qualifies for relief is $2 million.

163(h)(3)(B), except that the total indebtedness excluded for purposes of Sec. 163(h)(3)(B)(i) defines acquisition indebtedness as indebtedness that is incurred in acquiring, constructing, or substantially improving any qualified residence and is secured by the residence.

108 is $2 million, not the $1 million mentioned in Sec. The term also includes refinancing indebtedness as long as the refinanced loan does not exceed the original indebtedness.

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Recourse debt means that the debtor can be held personally liable in the event of default.When a creditor reduces a loan balance on the principal residence, Sec. 108 must file with the tax return Form 982, Reduction of Tax Attributes due to Discharge of Indebtedness (and Section 1082 Basis Adjustment).108(h)(1) provides that the basis of the residence shall be reduced (but not below zero) by the amount of the discharge. 108(h)(3) states that the general rule of nontaxability will not apply if the reason for the discharge is services performed by the debtor for the lender or any other factor not related to the decline of the property’s value or the taxpayer’s financial condition. 108(a)(2)(A) the general exclusion rule on principal residence indebtedness discharge will not apply if the discharge occurs in a title 11 bankruptcy case. As noted above, the total amount of principal residence indebtedness that qualifies for relief is $2 million.163(h)(3)(B), except that the total indebtedness excluded for purposes of Sec. 163(h)(3)(B)(i) defines acquisition indebtedness as indebtedness that is incurred in acquiring, constructing, or substantially improving any qualified residence and is secured by the residence.108 is $2 million, not the $1 million mentioned in Sec. The term also includes refinancing indebtedness as long as the refinanced loan does not exceed the original indebtedness.

million mentioned in Sec. The term also includes refinancing indebtedness as long as the refinanced loan does not exceed the original indebtedness.