OBAMA'S 2013 BUDGET PROPOSAL...SHORT SALE

By
Real Estate Agent with Century 21 The Real Estate Centre

 

WRITTEN BY: KRISTA FRANKS BROCK
2/15/2012

Obama’s FY2013 budget proposal includes an extension of the Mortgage Forgiveness Debt Relief Act of 2007.

 

The Act ensures that homeowners who received principal reductions or other forms of debt forgiveness on their primary residences do not have to pay taxes on the amount forgiven.

 

Without the Mortgage Forgiveness Debt Relief Act, debt reduced through mortgage modifications or short sales qualifies as income to the borrower and is taxable. Under the act, up to $2 million in debt elimination can be tax-free.

 

In the Treasury’s Green Book, its summary explanation of the administration’s budget proposal, it calls for an extension of the tax break due to “the continued importance of facilitating home mortgage modifications.”

 

The administration is proposing an extension that would apply to any amounts forgiven before January 1, 2015.

 

At that point, the government would reassess the market and determine whether another extension is appropriate.

Visit: http://www.dsnews.com/articles/obama-proposes-extending-tax-waiver-on-mortgage-debt-forgiveness-2012-02-15 for more information

Please visit brdgtohomeownership.com to search for homes in Laurel, Bowie, Upper Marlboro, Fort Washington, Silver Spring, Burtonsville, District of Columbia, etc.

Dates for Buyer Seminar coming in March! Sign up for Qtrly eNewsletter regarding Real Estate. If you know of a teen between the age of 16-21 please check out the Youth Job starting March 1st 2012.

 

Posted by

Bridgette Gray
Professional Realtor
Century 21 The Real Estate Centre
8230 Ritchie Highway
Pasadena, MD 21122
Direct: 202-486-9987
Office: 410-384-9000
E-Fax:
240-290-1290
Email: brdgtohomeownership@hotmail.com
Website: www.brdgtohomeownership.com


You Have Found A Real Estate Agent For Life, So Please Don’t Keep Me A Secret. Tell Your Friends, Family And Associates About Me! "The highest compliment my clients can give me is the referral of their friends, family and business partners. Please feel free to call me anytime; I am always available to assist you."

Comments (0)