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The Mortgage Forgiveness Debt Relief Act - jroosevelt@kw.com, Janice Roosevelt, Keller Williams, PA & DE

By
Real Estate Agent with Keller Williams Brandywine Valley PARS273421 & De Lic.

Remember this could help you - The Mortgage Forgiveness Debt Relief Act - created to asistn short sellers, owners who lost homes through foreclosures or had their mortgage balance reduced through loan modifications.

When a loan is cancelled or forgiven through a short sale or foreclosure, the cancelled debt changes into taxable income - and the IRS wants a piece.   Under this Act, qualifying mortgage debt forgiven through foreclosure, short sale or loan modification can be exempt from taxable income. 

 The forgiven mortgage debt must be a loan on your personal residence, and must be related to the purchase of your home. Consult your tax preparer to see if you qualify.   CLICK HERE FOR MORE INFO


Remember, there are other  tax credits, deductions and exemptions, longtime and brand-new homeowners should also look forward to claiming for basic closing costs (origination fees, taxes and points - oh my!), property taxes and mortgage interest deductions.  jroosevelt@kw.com

Comments (3)

William James Walton Sr.
WEICHERT, REALTORS® - Briotti Group - Waterbury, CT
Greater Waterbury Real Estate

This is wonderful information to share with consumers, Janice. I hope that many can and will take advantage of it.

Mar 25, 2010 07:30 AM
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Janice

Thanks for taking the time to share the information.

Good luck and success.

Lou Ludwig

Mar 25, 2010 07:50 AM
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

People who are solvent but upside down need to consider what they will do if they MUST SELL after the tax break expires at the end of 2012, but BEFORE their property is at break even again.

Jul 10, 2010 03:00 AM