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Foreclosures & 1099-A - Home Guides: What You Should Know
Form 1099-A — Foreclosure/Repossession — Tax Act Use the Worksheet for Foreclosures and Repossessions on p 15 of IRS Publication 4681 to compute the amount of any gain or loss to claim Topic No. 459 — Section 825 (Canceled) April 4, 2024 — Section 825 has been repealed. Topic No. 461 — Section 4 Exemptions April 1, 2024 — Section 4(C) exemptions have been repealed. Topic No. 462 — Section 954 Exemptions June 13, 2024 — These exemptions are now being eliminated. In a nutshell, section 954(c) is the “home improvement income” exemption that was in effect from January 1, 2016, to December 31, 2016. Home improvement, in contrast to other types of tax credits,  does not have the additional tax requirements attached to it, while other types of tax credits may be subject to  filing requirements, including those relating to the Form 990; and they may also face eligibility requirements, including  the annual filing requirement, the tax filing requirement that certain types of business enterprises (or other specified individuals) must self-filer (and the Form 990 filing requirements), and, for certain items of  home improvement, the requirement to report on a Schedule B for such items for the calendar year in which the home. Remains in use. As a result, the “home improvement income” tax exemption may no longer be tax-deductible, and thus, Section 954(c) may no longer provide any home improvement income for these items on which the tax exemption is based.
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