Will Mortgage Debt Relief Is The Mortgage Forgiveness Act Extended

The same is true when the principal balance of a mortgage is reduced. That tax liability was waived under the Mortgage forgiveness debt relief act of 2007. who is pushing to have the tax break.

Mortgage Forgiveness Debt Relief Extended Through 2016 Posted by Joe Manausa on Monday, December 21, 2015 at 7:55 AM By Joe Manausa / December 21, 2015 6 Comments I get readers asking me all the time if the short sale tax forgiveness will be extended, so I’m happy to say.

The Mortgage Forgiveness Debt Relief Act waived taxes on that debt until 2012. That relief was extended until December, but the act doesn’t exempt homeowners from state tax, and it’s uncertain whether.

This Act provided tax relief for homeowners who were granted mortgage debt forgiveness because of a loan modification, short sale or foreclosure on their primary residence. The Act was due to expire on January 1, 2013; however, Congress did come through and passed a one-year extension.

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Debt Forgiveness Act provides tax relief. If the balance forgiven is substantial, the homeowner jumps into the next tax bracket and pays at a higher tax rate. Fortunately, the Debt Forgiveness Act makes the forgiven portion of the mortgage – $25,000 in this example – non-taxable.

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 · The Act that was scheduled to expire on December 31, 2012, was extended in the American Taxpayer Relief Act until December 31, 2013. Don Faught, the president of the California Association of Realtors, credits realtors in the association for their role in advocating for this extension of the Mortgage Forgiveness Debt Relief Act.

 · However, the Mortgage Forgiveness Debt Relief Act of 2007 has made it possible for you to avoid paying income tax on forgiven mortgage debt – at least until the law expires at the end of 2013. The law has been extended more than once since it was passed, because it.

 · The good news about debt forgiveness, in relation to the Mortgage Forgiveness Debt Relief Act of 2007, is that many taxpayers may qualify for a steep reduction on their tax liability.