mortgage debt forgivness: Mortgage Debt forgivness extended to the end of 2013 for Clintonville
- 01/02/13 04:02 AM
Mortgage forgiveness tax treatment gets one more year As part of the fiscal cliff deal, Congress extended the cancellation of mortgage debt relief provision for one year, through the end of 2013. President Obama is expected to sign the legislation into law shortly. The law – which was set to expire at the end of 2012 - is crucial to foreclosure mitigation efforts such as principal forgiveness and short sales. Normally, U.S. law decrees that when a lender forgives all or a portion of a borrower’s debt, the forgiven amount is considered taxable income for the borrower. This is known as … (7 comments)
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Mortgage forgiveness tax treatment gets one more year As part of the fiscal cliff deal, Congress extended the cancellation of mortgage debt relief provision for one year, through the end of 2013. President Obama is expected to sign the legislation into law shortly. The law – which was set to expire at the end of 2012 - is crucial to foreclosure mitigation efforts such as principal forgiveness and short sales. Normally, U.S. law decrees that when a lender forgives all or a portion of a borrower’s debt, the forgiven amount is considered taxable income for the borrower. This is known as … (7 comments)
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