TITLE

TAX ADMINISTRATION: Expanded Information Reporting Could Help IRS Address Compliance Challenges with Forgiven Mortgage Debt

PUB. DATE
September 2010
SOURCE
GAO Reports;9/30/2010, preceding p1
SOURCE TYPE
Government Documents
DOC. TYPE
Article
ABSTRACT
The article presents a report by the U.S. Government Accountability Office (GAO), in which the agency examined the Internal Revenue Service's (IRS) administration of the Mortgage Forgiveness Debt Relief Act of 2007 and its three-year extension. The GAO interviewed IRS officials to determine the availability of information on the tax treatment of forgiven mortgage debt. The agency also analyzed IRS data on the number of cancelled debts between 2007 and June 2010.
ACCESSION #
55120203

 

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