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The Mortgage Forgiveness Debt Relief Act is expiring, Are you ready?
The Mortgage Forgiveness Debt Relief Act was originally enacted in 2007. This Act helped out homeowners from being exempted in paying the taxes on the amount that was forgiven which was actually considered taxable income. This act was supposed to be in effect until Dec. 31, 2012 but the Congress extended it for another year and the new expiry date would be on Dec. 31, 2013.
For very obvious reason, theMortgage Forgiveness Debt Relief Acthas been such an extreme relief to homeowners considering the difficulty of the current economic situation due to the recession. It has extremely helped homeowners who are faced with terrible financial burdens, especially those who have undergone Short Sale or Foreclosure.
In a few months’ time, this Act will expire and the question is…Are you are ready? Once again, you will be faced with the dilemma of having to pay taxes on a certain bracket depending on the amount that would be forgiven. Have you thought of which strategy best fits your current situation? Which options have you considered? Are you aware of the running market value of homes based on the current economic situation? GaRealtyGroup |2ShortSaleGuys has the answers you are seeking and are ... more
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