Mortgage Debt Forgiveness Tax Act of 1983

[AI summary unavailable — showing source text] Mortgage Debt Forgiveness Tax Act of 1983 - Amends the Internal Revenue Code to exclude from gross income the discharge of mortgage debt on a principal residence. Limits the amount of the exclusion to the adjusted basis of the taxpayer in the principal residence. Reduces the basis of the taxpayer in his principal residence (but not below zero) by the amount of any discharge of qualified mortgage indebtedness. Waives the statute of limitations on any claim for a tax refund arising from the tax exclusion provided by this Act.…