mortgage debt forgiveness act: 2014 TAX RELIEF TO SHORT SALE FORGIVEN DEBT PASSES CONGRESS - 12/03/14 05:08 AM
In a long expected vote by the House of Representatives, HR 5771 was passed today just after 3 pm ET.  HR 5771 in section 102 provides for the extension of the presently expired Mortgage Debt Forgiveness Act, which expired at the stroke of midnight December 31, 2013.  The law is now extended though December 31, 2014.  Efforts to have the extension for 2 years failed.  Interestingly the bill, introduced just days ago, was given a 10% chance of passage on Monday by Govtrack.US website.
Senate update December 16th -  The Senate approved this bill and it is now on its way … (41 comments)

mortgage debt forgiveness act: MORTGAGE FORGIVENESS ACT 2007 - HUGE BENEFIT TO SHORT SELLERS!!!! - 12/22/07 01:01 AM
On Thursday the President signed into law - effective New Years Day, the Mortgage Forgiveness Debt Relief Act of 2007.
For those of you that aren't up to speed on the downside of a short sale, if the bank lends you $100 and you end up only having to pay back $75, then by keeping the $25 you have to declare that $25 as ordinary income.  You see, borrowing money is not taxable as income.  But if you don't have to pay it back, then it is no longer a loan, and instead it is income, just as if you (oh my gosh!) … (2 comments)

mortgage debt forgiveness act: MORTGAGE FORGIVENESS ACT 2007 - HUGE BENEFIT TO SHORT SELLERS!!!! - 12/22/07 01:00 AM
On Thursday the President signed into law - effective New Years Day, the Mortgage Forgiveness Debt Relief Act of 2007.
For those of you that aren't up to speed on the downside of a short sale, if the bank lends you $100 and you end up only having to pay back $75, then by keeping the $25 you have to declare that $25 as ordinary income.  You see, borrowing money is not taxable as income.  But if you don't have to pay it back, then it is no longer a loan, and instead it is income, just as if you (oh my gosh!) … (3 comments)

mortgage debt forgiveness act: MORTGAGE FORGIVENESS ACT 2007 - HUGE BENEFIT TO SHORT SELLERS!!!! - 12/21/07 11:55 PM
On Thursday the President signed into law - effective New Years Day, the Mortgage Forgiveness Debt Relief Act of 2007.
For those of you that aren't up to speed on the downside of a short sale, if the bank lends you $100 and you end up only having to pay back $75, then by keeping the $25 you have to declare that $25 as ordinary income.  You see, borrowing money is not taxable as income.  But if you don't have to pay it back, then it is no longer a loan, and instead it is income, just as if you (oh my gosh!) … (12 comments)

mortgage debt forgiveness act: MORTGAGE FORGIVENESS ACT 2007 - HUGE BENEFIT TO SHORT SELLERS!!!! - 12/21/07 11:54 PM
On Thursday the President signed into law - effective New Years Day, the Mortgage Forgiveness Debt Relief Act of 2007.
For those of you that aren't up to speed on the downside of a short sale, if the bank lends you $100 and you end up only having to pay back $75, then by keeping the $25 you have to declare that $25 as ordinary income.  You see, borrowing money is not taxable as income.  But if you don't have to pay it back, then it is no longer a loan, and instead it is income, just as if you (oh my gosh!) … (0 comments)

mortgage debt forgiveness act: MORTGAGE FORGIVENESS ACT 2007 - HUGE BENEFIT TO SHORT SELLERS!!!! - 12/21/07 11:53 PM
On Thursday the President signed into law - effective New Years Day, the Mortgage Forgiveness Debt Relief Act of 2007.
For those of you that aren't up to speed on the downside of a short sale, if the bank lends you $100 and you end up only having to pay back $75, then by keeping the $25 you have to declare that $25 as ordinary income.  You see, borrowing money is not taxable as income.  But if you don't have to pay it back, then it is no longer a loan, and instead it is income, just as if you (oh my gosh!) … (0 comments)

 
Richard Zaretsky, Florida Real Estate Attorney (THE ZARETSKY LAW GROUP - Board Certified Real Estate Atty and AUTOMATED LAND TITLE COMPANY) Rainmaker large

Richard Zaretsky

Florida Real Estate Attorney

West Palm Beach, FL

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THE ZARETSKY LAW GROUP - Board Certified Real Estate Atty and AUTOMATED LAND TITLE COMPANY

Address: 1615 Forum Place, Suite 3A, West Palm Beach, Fl, 33401

Office: 5616896660 x 107

Mobile: (561) 329-2279

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