Filing 2012 income taxes? Five changes to watch for.

Here are new income tax provisions to watch for as you work through your 1040 form:

2. Mortgage relief

Carlos Barria/Reuters/File
A foreclosure sale sign sits in front of a house in Miami Beach, Fla., in 2009. Some homeowners had some or all of their mortgage debt forgiven in 2012. And for that year only, taxpayers won't have to pay the IRS on that forgiveness.

Homeowners who had some of their mortgage debt forgiven in 2012 won't have to pay income tax on the debt forgiveness. That's a special tax break only available for 2012, says Rick Rodgers, a certified financial planner in Lancaster, Pa., and author of "The New Three-Legged Stool: A Tax Efficient Approach to Retirement Planning." "It will be taxable for 2013."

2 of 5
of stories this month > Get unlimited stories
You've read  of  free articles. Subscribe to continue.

Unlimited digital access $11/month.

Get unlimited Monitor journalism.