Real estate blog entries tagged with debt relief act by Gary Civello (Ironhorse Real Estate Services)

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Home : Blogs : Gary Civello : Gary Civello's Blog : Tag "debt relief act"

debt relief act: New Tax Law Regarding Loan Forgiveness - 12/28/07 12:21 PM

With all the real estate short sales occurring in recent months, there was a big hole in the tax law that penalized homeowners who wish to work with their lenders to sell the homes that contain some loan forgiveness by making them take the amount of forgiveness as debt discharge income. Now, President Bush has signed into law a bill which states that a taxpayer no longer has to pay income tax related to forgiveness of loans secured by a principal residence. This new tax law, called the Mortgage Foregiveness Debt Relief Act of 2007, applies to debts discharged between January 1, … (0 comments)

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Gary Civello

Alamo, CA

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Ironhorse Real Estate Services

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