mortgage debt relief act: MORTGAGE DEBT RELIEF ACT SET TO EXPIRE - 06/15/12 05:03 AM
Mortgage Debt Relief Act Set To Expire 
Considering a short sale on your home, homeowners will need to act quickly in order to take advantage of a tax break since the Mortgage Debt Relief Act is set to expire. There has been no indication as to whether Congress will extend the deadlines at this point. Short sales that settle the debt for less than what is owed, homeowners end up with forgiven debt, however, this may be considered income by IRS and subject to income tax. Currently, as part of the Mortgage Debt Relief Act there is a homeowner exemption which … (0 comments)