Docslib.orgdoc11370032IRS Pub 4681: Cancelled Debts, Foreclosures, Repossessions ...-2026

1. Click ‘Get Form’ to open it in the editor.
2. Begin by reviewing the introduction section, which outlines the purpose of the publication and its relevance to your tax situation.
3. Navigate through each chapter, starting with 'Canceled Debts'. Fill in any relevant information regarding debts that have been canceled or forgiven.
4. Proceed to the 'Foreclosures and Repossessions' section. Here, input details about any properties that were foreclosed upon or repossessed, including outstanding debts and fair market values.
5. Utilize the worksheets provided for calculating gains or losses from foreclosures and repossessions. Ensure all calculations are accurate before finalizing your entries.
6. Review the exclusions section carefully. If applicable, indicate any exclusions you qualify for regarding canceled debts.
7. Once all sections are completed, save your document. You can then export it directly to your preferred format for submission.

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