Information on the Mortgage Forgiveness Debt Relief Act - 07/23/08 03:07 PM
Important information Everyone should know:
The Mortgage Forgiveness Debt Relief Act of 2007 was enacted on December 20, 2007 (see News Release IR-2008-17). Generally, the Act allows exclusion of income realized as a result of modification of the terms of the mortgage, or foreclosure on your principal residence.
Usually, debt that is forgiven or cancelled by a lender must be included as income on your tax return and is taxable. The Mortgage Forgiveness Debt Relief Act of 2007 allows you to exclude certain cancelled debt on your principal residence from income.
Does the Mortgage Forgiveness Debt Relief Act of 2007 apply … (3 comments)

 
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Cindi Shutt

Corona, CA

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Century 21 Gold

Address: 2055 Hamner Ave, Norco, Ca, 92860

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