Question: Is the following statement correct regarding exclusions or deductions? The taxpayer's cancellation of debt income for a discharge from indebtedness on their principal residence is

Is the following statement correct regarding exclusions or deductions?

The taxpayer's cancellation of debt income for a discharge from indebtedness on their principal residence is excluded from their federal gross income.

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Is the following statement correct regarding exclusions or deductions? The taxpayer's

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