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United States · Bill · S

S. 1147 (98th)

Mortgage Debt Forgiveness Tax Act of 1983

openUnited States· United States Congress· EN

Introduced

26 April 1983

Last action

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Status

Subcommittee on Taxation and Debt Management. Hearings held. Hearings printed: S.Hrg. 98-205.

Sponsors

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Subjects

Discovery layer

Source updated

29 August 2025

Official sourceView documentsShare

Summary

Mortgage Debt Forgiveness Tax Act of 1983 - Amends the Internal Revenue Code to exclude from gross income the discharge of mortgage debt on a principal residence. Limits the amount of the exclusion to the adjusted basis of the taxpayer in the principal residence. Reduces the basis of the taxpayer in his principal residence (but not below zero) by the amount of any discharge of qualified mortgage indebtedness. Waives the statute of limitations on any claim for a tax refund arising from the tax exclusion provided by this Act.

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Documents

1 official file

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