· Has the Mortgage Forgiveness Debt Act been extended through.. Has the Mortgage Forgiveness. Has the Mortgage Forgiveness Debt Act been extended through 2017 ensuring that any deficiency from a short sale of the borrowers primary residence will NOT be treated as taxable income. It had been extended for the last 9 years.
Sarah A: The Mortgage Forgiveness Debt Relief Act of 2007 does expire at the end of this year. Most pundits, including me, think the law will be extended at some point, no matter who wins the.
In 2015, the Mortgage Forgiveness Debt Relief Act was extended at the last minute to cover mortgage debt cancelled through the end of 2016. Debts cancelled in 2015 (applicable to the 2015 tax year).
Principal Forgiveness. With the Mortgage Debt Relief Act, any debt that has been forgiven by your mortgage lender can be excluded from your income and will not be subject to taxation by the IRS. This means that you will not have to pay taxes on debt that you technically no longer owe.
· In 2007, Congress enacted the Mortgage Forgiveness Debt Relief Act. Basically, the act extended tax exemption to struggling homeowners who benefited from mortgage debt forgiveness.
Mortgage Forgiveness Debt Relief Act and Debt Cancellation If you owe a debt to someone else and they cancel or forgive that debt, the canceled amount may be taxable. The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence.
Barring a last-minute extension of the 2007 Mortgage Forgiveness Debt Relief Act, homeowners will be taxed on the forgiven. tax-rate hikes set to kick in on Jan. 1, the law may not be extended,
Unless Congress acts soon, The Mortgage Forgiveness Debt Relief Act, passed in 2007, will be history. That means the Bojes might have to pay income tax on the portion of their home loan that has been.
This provision is an extension of the Mortgage Forgiveness Debt Relief Act of 2007, originally signed into law by President George W. Bush, which originally relieved distressed homeowners from having to pay taxes on forgiven mortgage debt for the three calendar years of 2007 through 2009.
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