fiscal cliff: Debt forgiveness act extended - 01/10/13 12:53 AM
 
 
For those of you in a facing a foreclosure, principle reduction,   deed-in-lieu of foreclosure,  or short sale. on your home, the debt forgiveness act of 2007 has been extended for another year.
Under the IRS tax code forgiven debt was treated as income subject to federal income tax.  Homeowners who get their mortgage debt forgiven through a short sale, deed-in-lieu or loan modification will not be taxed on the debt forgiven on the amount forgiven up to $2,000,000. 
On Jan. 1 both the Senate and House passed H.R. 8 legislation to avert the “fiscal cliff.” The bill … (1 comments)

 
Rain Silverhawk, 208-610-0011 Sandpoint Idaho Real Estate Realtor (Sandpoint Realty rain@lakeandhomes.com)

Rain Silverhawk

208-610-0011 Sandpoint Idaho Real Estate Realtor

Sandpoint, ID

More about me…

Sandpoint Realty rain@lakeandhomes.com

Address: 1205 Hwy 2, Suite 203 B, Sandpoint, ID, 83864

Office: 208-603-2600

Mobile: 208-610-0011

North Idaho Realtor serving Sandpoint, Clark Fork, Hope, Naples, Bonners Ferry, Sagle, Cocolalla, Priest River, Laclede, Spirit Lake and more. Your Real Estate Need Is my first priority.


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