The Mortgage Forgiveness Debt Relief Act of 2007 was extended for 3 more years! The Act now extends through 2012 under the Emergency Economic Stabilization Act. In addition to calendar years 2007-2009, the Act now includes 2010-2012! Additionally, you should tell your clients to ask their tax attorney or CPA if they might qualify for Canceled Debt & Mortgage Forgiveness under IRS Code 108 (a)(1)(B) Section 1401 - Insolvency exception, aka "Insolvent Debtor Clause" Remember: Never give tax or legal advice! Advise your clients or prospective clients to seek the counsel of caring and competent professionals.
P.S. Take a look at Mortgage Workouts, Tax-Free for Many Homeowners
Steve Kitnick
Steven Kitnick Seminars, LLC
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