Las Vegas, NV -- The Mortgage Forgiveness Act has been extended by Congress until 2017. This applies not only to short sales that took place in 2015, but it also extends the short sale tax break to cover any short sales that take place in 2016 as well.
The 114th Congress amended the Internal Revenue Code (Bill H.R. 1002) to extend through 2016 the exclusion from gross income of income attributable to the discharge of indebtedness on a principal residence. The extension of the Mortgage Forgiveness Act allows homeowners who did short sales in 2015 and those doing short sales in 2016 the ability NOT to pay taxes on the amount of debt forgiven by their bank(s).
In 2007, Congress passed the Mortgage Forgiveness Debt Relief Act to help people who were down on their luck financially because of the loss of their homes. The tax break was supposed to end; however, it has been extended multiple times because many people still needed help.
The Myers Team with Simply Vegas Real Estate is nationally recognized Nevada’s Top Short Sale Agents. Since 2007, The Myers Team with Simply Vegas Real Estate have closed more short sale transactions than any non-lawyer affiliated Realtor or Broker in Las Vegas. The Myers Team handles traditional Real Estate transactions, in addition to their highly successful short sale division.
To contact The Myers Team, visit http://www.NevadaShortSaleInfo.com
For traditional sales (non-short sales) visit http://www.LasVegasList4Less.com
The Myers Team are licensed Real Estate Agents. They are not CPA’s, Accountants or Attorneys. The information above is for information purposes only and should not be construed as tax or legal advice.