forgiven debt: Mortgage Debt Forgiveness Act Revisited
- 07/19/11 06:08 AM
If you had mortgage debt forgiven this past year, whether it was through a short sale or perhaps mortgage modification then you may be able to claim special tax relief and exclude the debt forgiven from your income. That is because the Mortgage Debt Forgiveness Debt Relief Act of 2007 allows for owners of primary residences to avoid paying taxes on this forgiveness under certain circumstances. Here are 10 facts directly from the IRS in regard Mortgage Debt Forgiveness. Note that this act will expire in 2012 and no indication of extension has been indicated. 1) Normally, debt forgiveness results in … (0 comments)
If you had mortgage debt forgiven this past year, whether it was through a short sale or perhaps mortgage modification then you may be able to claim special tax relief and exclude the debt forgiven from your income. That is because the Mortgage Debt Forgiveness Debt Relief Act of 2007 allows for owners of primary residences to avoid paying taxes on this forgiveness under certain circumstances. Here are 10 facts directly from the IRS in regard Mortgage Debt Forgiveness. Note that this act will expire in 2012 and no indication of extension has been indicated.
;)
;)
