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IRS.gov Website
Publication 4681
Canceled Debts, Foreclosures, Repossessions, and Abandonments (For Individuals)
Introduction, Useful Items and Important Changes
For use in Preparing 2012 Returns

Common Situations Covered In This Publication

Chapter 1
Canceled Debts

General Rules

Form 1099–C
Discounts and loan modifications
Sales or other dispositions (such as foreclosures and repossessions)
Abandonments
Stockholder debt

Exceptions

Gifts, Bequests, Devises, and Inheritances
Student Loans
Deductible Debt
Price Reduced After Purchase
Home Affordable Modification Program

Exclusions

Bankruptcy
Insolvency
Qualified Farm Indebtedness
Qualified Real Property Business Indebtedness
Qualified Principal Residence Indebtedness

Reduction of Tax Attributes

Qualified Principal Residence Indebtedness
Bankruptcy and Insolvency
Qualified Farm Indebtedness
Qualified Real Property Business Indebtedness

Chapter 2
Foreclosures and Repossessions

Chapter 3
Abandonments

Chapter 4
Detailed Examples

Chapter 5
How To Get Tax Help