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CA  did not enact legislation to conform to the 2013 extension of the federal Mortgage Forgiveness Debt Relief Act and Debt Cancellation.For federal income tax purposes, mortgage forgiveness debt relief exclusion applies to discharges occurring on or after Jan 1, 2007, and before Dec 31, 2013. However, for CA purposes, the exclusion applies to discharges occurring on or after Jan 1, 2007, and before Dec 31, 2012. CA did not enact legislation to extend the exclusion to include the taxable year 2013.However, there is relief for taxpayers who sell their principal residence in a short sale.CA conforms to federal law and according to the IRS Information Letter dated Sep 19, 2013, the IRS has determined that CA taxpayers who sell their principal residences where the lender has agreed to a short sale for less than what is owed on the home do not have cancellation of indebtedness income, which may have been taxable. Instead, the amount of cancelled debt is included in the amount realized in determining gain on the sale of that residence.The IRS guidance is limited to short sales only involving a principal residence for tax years 2011 and forward. The IRS guidance did not specifically address other types of real estate transactions such as non-judicial foreclosures.This guidance is relevant to California taxpayers:•Who incurred short sales in 2013.•Who recognized cancellation of indebtedness income from a short sale in 2011 and 2012.

SOI;CA FTB