Posted on: 10th Feb, 2010 02:56 pm
DO YOU HAVE TO PAY TAX FROM 1099C TO STATE OF CALIFORNIA?
FEDERAL GOVERNMENT HAS PROGRAM TO FORGIVE
CANCELED DEBT. TAX THROUGH 2012
FEDERAL GOVERNMENT HAS PROGRAM TO FORGIVE
CANCELED DEBT. TAX THROUGH 2012
When the Feds extended the debt forgiveness, CA did not. It has expired and I have not heard any word of a revival for this (not surprising given the budget woes).
Hi bigbad,
As far as I know, the Federal Mortgage Forgiveness Debt Relief Act of 2007 does not apply in the state of California, which has its own Mortgage debt Forgiveness Tax Relief Act. It is a little different from the Federal debt relief program. The Federal program applies to debts forgiven in 2007 through 2012, whereas the California tax relief act applies to debts canceled in 2007 and 2008.
As far as I know, the Federal Mortgage Forgiveness Debt Relief Act of 2007 does not apply in the state of California, which has its own Mortgage debt Forgiveness Tax Relief Act. It is a little different from the Federal debt relief program. The Federal program applies to debts forgiven in 2007 through 2012, whereas the California tax relief act applies to debts canceled in 2007 and 2008.