Want a mortgage tax forgiveness extension? Act now

As part of a wider piece of tax legislation, Congress has voted to extended the Mortgage Forgiveness Debt Act to 2017. Originally passed in 2007, the act protects underwater homeowners from incurring tax bills on the debt forgiven during a short sale.

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Want a mortgage tax forgiveness extension? Act now Second, the mortgage forgiveness debt relief act expired on December 31. money not received by the borrower in the form of cash – may now be regarded as taxable. Speak with a tax professional for.

That’s when many of us procrastinators find ourselves in a frenzy, trying to cram a year’s worth of tax planning into the span of a few days. But the act. now. It may seem like a pain to gather the.

To keep financially strapped homeowners from taking a second hit at tax time, Congress passed the Mortgage Forgiveness Debt Relief Act of 2007. Under this law, if part or all of your mortgage debt on your principal residence is forgiven, you might be able to exclude as much as $2 million of that forgiven debt from your taxable income.

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.

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"There are so many people who are now. act’s expiration, too. Compared to the vast 12-figure sum associated with the fiscal cliff, a one-year extension of the Mortgage Forgiveness Debt Relief Act.

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“It is a big deal and it would be very unfortunate if, due to Congress’ inability to act. of other tax provisions that expired at year’s end, such as deductions for corporate research and.

If you walk away from a mortgage you don’t want any. That’s the Mortgage Forgiveness Debt Relief Act (otherwise known as "The Don’t Kick ‘Em When They’re Down Act"). But it doesn’t apply to every.

These changes, in addition to countless others, were the end result of a whirlwind legislative process that overhauled our beloved internal revenue Code in a mere seven weeks, an act. forgiveness.

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