The deadline for filing taxes for 2020 is May 17, 2021. And one thing you should note is that this year, debt forgiveness on your property is being treated differently than usual and that could benefit you.
Normally, debt forgiven on your property is considered income and therefore taxable. However, due to the unusual circumstances during the COVID-19 Pandemic, qualified principal residence indebtedness is excluded as income by the Internal Revenue Service through 2020. This applies to some taxpayers who have had debt forgiven due to foreclosure, loan modification, short sale or deed in lieu of foreclosure.
This has the potential to make a significant change to how much taxable income you need to declare. If you were involved in discharged debt on your principal residence, you should consult with a tax advisor to determine how this affects your taxes.