New IRS Form for Filing for Debt Relief

The form for filing for tax relief under the Mortgage Forgeiveness Debt Relief Act of 2007 has been released and is available online.  Click HERE for the form.

Information about the relief available - which is available only to primary residences that incurred the tax event - was set forth in my article about the legislation that went into effect on January 1, 2008.

Consult your tax professional when filing this form!

Remember - the Act gives no relief to investors and the relief is limited to losses under the amount of the funds borrowed for the initial purchase of the primary residence.  That means that if you refinanced the house, the additional funds received do not qualify under the Act.

Richard Zaretsky, Esq., RICHARD P. ZARETSKY P.A. ATTORNEYS AT LAW, 1655 PALM BEACH LAKES BLVD, SUITE 900, WEST PALM BEACH, FLORIDA 33401, PHONE 561 689 6660  RPZ99@FLORIDA-COUNSEL.COM - FLORIDA BAR BOARD CERTIFIED IN REAL ESTATE LAW - We assist Brokers and Sellers with Short Sales