Glenn Huxtable's Blog - Archives January, 2008

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Home : Blogs : Glenn Huxtable : Glenn Huxtable's Blog : Archives January, 2008

GREAT NEWS FOR FORGIVEN MORTGAGE DEBT, FOR SOME BORROWERS - 01/18/08 08:50 AM

President Bush signed into law the Mortgage Forgiveness Debt Relief Act of 2007, which is designed to relieve the stress many current home owners/sellers are feeling at the prospects of owing taxes on the "Phantom Income" earned when their debt is forgiven. Whether through a foreclosure or a short sale, lenders usually end up forgiving the mortgage debt that was not repaid. Under previous tax codes, this unpaid loan amount was considered a "gain" to the borrower and thus taxable "Phantom Income" at the tax payer's ordinary income tax rate.
The Debt Relief Act eliminates all or part of the tax consequences of … (1 comments)

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Glenn Huxtable

Brentwood, CA

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