Recommended by IRS
About Publication 523, Selling Your HomePublication 523 explains the tax rules that apply when you sell your main home. In most cases, your main home is the one in which you live most of the time.
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Over 20 defendants sentenced to prison in multimillion dollar national COVID-19 fraud scheme
Aug. 21, 2024 — Two additional defendants were sentenced this week in a national COVID-19 fraud, including, Toni A. Smith, who was sentenced to 15 months in prison; and Dontae Antonio Murphy, who was sentenced to 12 months in prison. Collectively, these Defendants were also ordered to pay several hundred thousand dollars in restitution to the Small Business Administration, which included interest and processing fees, for fraudulently obtaining Paycheck Protection Act (“PPP”) COVID-19 loans.
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Raleigh basketball scout and life coach convicted for obtaining nearly $300,000 in fraudulent COVID-19 relief loans in nationwide scheme
Nov. 26, 2024 — Following four days of testimony before a federal jury, a Raleigh man and business owner pled guilty to a Bank Fraud and Wire Fraud, that netted the man almost $300,000 in fraudulent Paycheck Protection Act (PPP) COVID-19 loans. This fraud was part of a multimillion-dollar national scheme, and, to date, more than 30 defendants have pled guilty and 26 have been sentenced.
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Home Foreclosure and Debt Cancellation
The Home Foreclosure and Debt Cancellation provision applies to debt forgiven in calendar years 2007 through 2016. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). The exclusion doesn’t apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the home’s value or the taxpayer’s financial condition.
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