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does a foreclosure on a land loan qualify for the forgiveness debt relief act 2007 if never built on

Profile picture for jbenny1107
I purchased property to build on as primary residence.  Long story short, builder never had facilities in place so we could build on land and ultimately the land was foreclosed upon.  Does this qualify for mortgage forgiveness debt relief act 2007 even though it is a land loan if it foreclosed upon in 2011 and I received W-2 to count as income?
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February 02 - Austin
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Profile picture for wetdawgs
Here's a link to the irs.gov website section on the Mortgage Forgiveness Debt Relief .  The second sentence may answer your question "The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence."
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February 02
 

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