cdpe: Taxes after a short sale? Mortgage Debt Relief Act Set to Expire Soon.
- 11/18/13 05:46 AM
The Mortgage Debt Relief Act has been a godsend for many homeowners that lost their home to a foreclosure or sold through a short sale by relieving the burden of having to pay taxes to the IRS on the balance of the loan that may have been forgiven. But that appears to be changing. Last year the Act was extended for a second time since it was passed in 2007 as part of the Debt Ceiling negotiations. That extension is set to run out on December 31, 2013. You can learn more about the Act by clicking here. There are several Bills … (0 comments)
The Mortgage Debt Relief Act has been a godsend for many homeowners that lost their home to a foreclosure or sold through a short sale by relieving the burden of having to pay taxes to the IRS on the balance of the loan that may have been forgiven.
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