If a taxpayer (same threshold for a single or joint return) has adjusted gross income of less than $150,000, up to $10,200 of unemployment compensation received is excluded from federal taxable income.
Tax break for cancellation of residential mortgage expires after 2012
The exclusion for cancellation of debt income for a principal residence mortgage is scheduled to expire after 2012.
Home debt cancellation exclusion expiring
Among many other federal tax provisions expiring after December 31, 2012, is the exclusion for cancellation of debt for a principal residence.
California conforms to employee medical exclusion
California enacted AB36, conforming California tax law retroactively with the federal exclusion under health care reform for employee medical insurance covering adult children up to age 26.