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What Mortgage Forgiveness Tax Relief Means to the Real Estate Recovery
As taxes are being weighed in Congress, tax relief on mortgage forgiveness is set to expire at the end of the year
According to the IRS, if you owe a debt to someone else and they cancel or forgive that debt, the canceled amount may be considered taxable income. The Mortgage Debt Relief Act of 2007 was enacted to allow taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a short sale or a foreclosure, qualifies for the relief. This Act is set to expire at the end of 2012. As home prices spiraled downward and millions of homeowners became underwater on their mortgages (owing more than their homes were worth) during the housing crisis, this measure was needed so consumers who were already financially devastated could pick up …
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9:05 pm on Sunday, January 13, 2013
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