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Extension of the Exclusion of Forgiven Mortgage Debt and Certain Energy Credits

If you view or download Publication 523, please note the following changes related to the extension of the exclusion of forgiven mortgage debt and certain energy credits resulting from the Bipartisan Budget Act of 2018 (Public Law 115-123), enacted after this publication went to print.

The publication states that a taxpayer may exclude forgiven mortgage debt from gross income in 2017 only if an agreement to forgive the debt was in place before January 1, 2017. Effective February 9, 2018, a taxpayer may be able to exclude forgiven mortgage debt from gross income in 2017 if such an agreement was in place before January 1, 2018. A taxpayer who qualifies to exclude canceled or forgiven mortgage debt should file Form 982. This change affects the sections entitled "Expiration of the exclusion of forgiven mortgage debt from income" on page 1; "Report as ordinary income on Form 1040 applicable canceled or forgiven mortgage debt" on page 18; and the worksheet entitled "Worksheet 2 - How To Figure Your Gain or Loss" on page 13, item 5j. For more information, see Form 982 and its corresponding instructions.

The publication states that the credit for home energy efficiency improvements and the credit for energy improvements to non-business properties were effective only through 2016. Effective February 9, 2018, these credits are extended through 2021. These changes affect the section entitled "Energy credits and subsidies" on page 9.