fha: The IRS Forgives You!
- 12/21/07 06:00 AM
President Bush signed into law today a new measure giving tax breaks to homeowners who have mortgage debt forgiven through a short sale or foreclosure. The current law states that the debt forgiven by a lender, such as for short sales and foreclosure, were generally taxable to the borrower as debt forgiven income. With the passage of the Mortgage Forgiveness Debt Relief Act of 2007, a taxpayer does not have to pay federal income tax on debt forgiven for a loan secured by a qualified principal residence.This tax break applies to debts forgiven from January 1, 2007 to December 31, 2009. … (1 comments)
President Bush signed into law today a new measure giving tax breaks to homeowners who have mortgage debt forgiven through a short sale or foreclosure. The current law states that the debt forgiven by a lender, such as for short sales and foreclosure, were generally taxable to the borrower as debt forgiven income. With the passage of the Mortgage Forgiveness Debt Relief Act of 2007, a taxpayer does not have to pay federal income tax on debt forgiven for a loan secured by a qualified principal residence.This tax break applies to debts forgiven from January 1, 2007 to December 31, 2009. … (1 comments)
;)
;)
