Tax

Mortgage Debt Relief Act Extended Through 2013

January 8, 2013

American Taxpayer Relief Act of 2012 On January 1st, 2013 the U.S. Senate overwhelmingly passed legislation to avoid the so-called “Fiscal Cliff” by a vote of 89-8. The bill, referred to as the¬†American Taxpayer Relief Act of 2012, avoided draconian sunset tax provisions that were scheduled to take effect after 2012 under the Bush-era tax […]

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What Are The Tax Consequences of a Massachusetts Short Sale?

February 7, 2012

As tax season approaches, and more importantly, the expiration of the Mortgage Debt Relief Act of 2007, it is important to review the tax consequences following a short sale. ¬†In general, the IRS will treat any canceled debt, such as forgiveness of a mortgage loan, as taxable income. Thus, if you live in a recourse […]

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