Home/Residence-Related Tax Changes | |
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Exclusion from Income for Certain Cancellation of Debt on Principal Residence The Mortgage Forgiveness Debt Relief Act of 2007 allows individuals to exclude from gross income a discharge of qualified principal residence indebtedness. Exclusion on Sale of Main Home by Surviving Spouse For sales after 2007, the maximum exclusion on the sale of a main home by an unmarried surviving spouse is $500,000 if... |
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Page Last Reviewed or Updated: November 14, 2008