Solved
We received a Schedule B from the mortgage company that had our home. We lost the home in a bankruptcy. The home was valued at $150,000 but we owed $77,000.
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A home lost due to bankruptcy is not a taxable event. Even though your debt was cancelled because the bank took the home, the IRS does not tax the amount of cancelled debt. There is nothing to report on your tax return, but keep all your records with your tax files. There is more information below, be sure to click the blue hyperlinks for all the details.
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