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Author: makasha Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121333  
Subject: Re: I heard it through the grapevine... Date: 1/4/2008 4:31 PM
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Hmmm, well it looks like I found the answer to my own question.

http://turbotax.intuit.com/tax-tools/foreclosure_turbotax/article

This does not state the letter of the law, but it also does not mention that you have to show insolvency to take advantage of the new law. Previously, the only way to negate the income tax on forgiven debt was to show insolvency.

Kasha
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