Mortgage debt relief act extended
For those of you in a facing a foreclosure, principle reduction, deed-in-lieu of foreclosure, or short sale. on your home, the debt forgiveness act of 2007 has been extended for another year.
Under the IRS tax code forgiven debt was treated as income subject to federal income tax. Homeowners who get their mortgage debt forgiven through a short sale, deed-in-lieu or loan modification will not be taxed on the debt forgiven on the amount forgiven up to $2,000,000.
On Jan. 1 both
posted by North Idaho Property @ 9:54 AM
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