Wednesday, December 17, 2014 - Article by: Lender411 Member
The U.S. House and Senate approved a series of tax extensions which include the Mortgage Forgiveness Tax Relief Act. If enacted, the extension of this act would allow taxpayers to exclude gross income attributable to the forgiveness of a principal residence mortgage when reporting 2014 income taxes.
The Mortgage Forgiveness Debt Relief Act of 2007 created an excemption for the reporting of this attributable income which expired on December 2013, and if this is not extended, borrowers who have received debt relief through loan modifications, short sales, or foreclosures may be liable for taxes on the forgiven debt.
Now, the ball is in the Presidents court.
Mortgage Debt Forgiveness and Your Federal Taxes: http://answers.usa.gov/system/templates/selfservice/USAGov/#!portal/1012/article/3317/Mortgage-Debt-Forgiveness-and-Your-Federal-Taxes
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