home seller middlesex county: Mortgage Forgiveness Debt Relief Act and What it Means to You - 05/07/12 12:23 AM
In 2007, Congress passed the Mortgage Forgiveness Debt Relief Act.  Due to the number of foreclosures and homes sold as short sales, Congress passed the Mortgage Forgiveness Debt Relief Act so that homeowners facing distressed property sales wouldn't be taxed on the cancelled debt.  
What is Cancellation of Debt?If you borrow money from a lender and the lender later cancels or forgives your debt, you may have to include the cancelled amount in income for tax purposes.  The lender is usually required to report the amount of the canceled debt to you and the IRS.
Here is a simplified example: You … (0 comments)

 
Catherine Marrone, West Newbury MA real estate, Essex County (Integrity Residential Brokerage LLC)

Catherine Marrone

West Newbury MA real estate, Essex County

West Newbury, MA

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Integrity Residential Brokerage LLC

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