Time is running out! Create a sense of urgency! - 09/30/11 04:21 PM
IMPORTANT! THE MORTGAGE DEBT FORGIVENESS DEBT RELIEF ACT SUNSETS AT THE END OF NEXT YEAR 
If you have prospective clients who owe more on their primary residence mortgage(s) than their home is worth, it is probably a good idea to inform them that the law currently in effect that is very good for them financially expires in little more than a year from now.
As a general rule, the IRC treats the amount of canceled/forgiven debt as ordinary income to the taxpayer. Congress, however, enacted The Mortgage Debt Relief Act of 2007 which generally allows a home owner to exclude as income a cancellation/forgiveness of … (1 comments)

 
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Michael D Wyckoff

Sarasota, FL

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Address: 4909 Manatee Ave W, Bradenton, FL, 34209

Office Phone: (941) 795-6565

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