Real estate blog entries tagged with debt cancellation tax by Damo Daran (Ikon Realty, Inc)

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Home : Blogs : Damo Daran : Damo's Blog : Tag "debt cancellation tax"

debt cancellation tax: Debt Cancellation Tax repealed - 01/28/08 10:03 PM

Homeowners who have had their mortgage debt forgiven have a reason to celebrate. In the past the part of the mortgage debt that was forgiven was subject to ordinary income tax by the US government. The tax was considered by many to be salt in the wounds of already distressed homeowners who were unable to make their mortgage payments.
Congress, however, changed all that by passing a new bill that would repeal the debt cancellation tax. Homeowners who now have they mortgage debt cancelled will no longer be expected to pay a tax bill that they can't afford.
As always, homeowners who have … (0 comments)

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Damo Daran

Ashburn, VA

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Ikon Realty, Inc

Address: 7619 Little River Turnpike,, Suite 200, Annandale, VA, 22003

Office Phone: (703) 867-2224

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