Combs Greene McLester
3217 Atlantic Blvd.
Jacksonville, FL 32207
Telephone (904) 302-6409
Toll Free (866) 491-6362
Facsimile (904) 359-5506
Map and Directions

ORLANDO OFFICE
2295 South Hiawassee Road
Suite 301 Orlando,
Florida 32835
Telephone 407-715-6068
Map and Directions

Tax Consequence of Debt Forgiveness

Section 108(a)(1)(E) of the Internal Revenue Code excludes income realized from the discharge of a "qualified principal residence indebtedness" from a tax payers' gross income. This provision was amended on October 3, 2008, effective January 1, 2010, to extend the section 108(a)(1)(E) exclusion from January 1, 2010 until January 1, 2013, by Section 303 of the Emergency Economic Stabilization Act of 2008 (H.R. 1424).

At the law office of Combs Greene McLester, in Jacksonville and Orlando, we represent individuals throughout northeast Florida, including Yulee, Green Cove Springs, Orange Park, St. Augustine, Fernandina Beach, Daytona Beach and Flagler Beach; and throughout Duval County, Clay County, St. Johns County, Baker County, Nassau County, Volusia County and Flagler County.