Mortgage Debt Relief Act

Senate Passes Mortgage Debt Relief Act Extension

December 17, 2014

As reported December 17, 2014, by National Mortgage News: The Senate approved a bill late Tuesday that would retroactively extend over 50 expiring tax provisions for one year, including the Mortgage Debt Relief Act,  a 2007 law that shields distressed homeowners from paying taxes on any mortgage debt forgiven in a short sale. The Senate approved […]

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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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Short Sale Tax Consequences: Understanding The Qualified Principal Residence Exemption

March 24, 2011

Mortgage Forgiveness Debt Relief Act and Short Sale Tax Consequences

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The Mortgage Forgiveness Debt Relief Act

March 15, 2011

If you recently lost your home to foreclosure, or were fortunate enough to get your lender to agree to a short sale, you need to be certain that you correctly report this information on your income taxes. Most individuals are unaware the the IRS treats canceled debt as income. In general, if you owe a debt […]

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