NATP just emailed newsletter to include:
IRS Revises Form 982
Homeowners whose mortgage debt was partly or entirely forgiven during 2007 may be able to exclude the cancelled debt by filling out the newly-revised Form 982 and attaching it to their 2007 federal income tax return. The revised form now contains a checkbox to indicate that the taxpayer qualifies for relief and is not required to include the cancelled debt in their income.
The IRS is now updating its systems and expects to begin accepting electronically-filed returns that include Form 982 by March 3. The paper Form 982 is being accepted now. The February 2008 revision of Form 982 is available on the IRS website
IRS Revises Form 982
Homeowners whose mortgage debt was partly or entirely forgiven during 2007 may be able to exclude the cancelled debt by filling out the newly-revised Form 982 and attaching it to their 2007 federal income tax return. The revised form now contains a checkbox to indicate that the taxpayer qualifies for relief and is not required to include the cancelled debt in their income.
The IRS is now updating its systems and expects to begin accepting electronically-filed returns that include Form 982 by March 3. The paper Form 982 is being accepted now. The February 2008 revision of Form 982 is available on the IRS website