ed_accountant Posted March 5, 2011 Report Posted March 5, 2011 Hi, My client received a 1099C of $40K for a modified loan adjustment on their original mortgage for their residence. They did not lose their home in a forecluse or short sell it. Does the qualified principal residence exclusion apply to modified loans? I beleive they can exclude this income under the qualified principal residence exclusion. Any comments? Quote
ed_accountant Posted March 5, 2011 Author Report Posted March 5, 2011 I will answer my own question since researched it -- it is a yes! Quote
schirallicpa Posted March 7, 2011 Report Posted March 7, 2011 I'm glad you answered that. I have one of those. thanks! Quote
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