You can exclude from gross income any discharges of qualified principal residence indebtedness made after 2006 and generally earlier than 2026. You should cut back the basis of your principal residence by the amount you exclude. Show how much of the curiosity every of you paid, and provides the name and address of the one who received the form. Deduct your share of the interest on Schedule A , line 8b, and enter “See attached” to the best of that line.

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