Since 2007, the Mortgage Debt Relief Act has exempted in some cases home-related forgiven debt from federal taxation. State legal officers get in on the act: And now the attorneys general of 41 states also are adding their voices to the plea for continuation of the mortgage debt tax forgiveness.
That means that people with forgiven debt (such as from a mortgage, credit card, or installment loan) would pay tax as if the forgiven amount were ordinary income. Thankfully, there is another way to avoid tax on debt forgiveness that applies to many short sale sellers.
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Will Congress extend the Mortgage Forgiveness and Debt Relief Act? The Mortgage Relief and Debt Act is not in the news, and that’s a crime. It probably seems odd that after more than a decade, we’re still picking and pulling over the mortgage meltdown.
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The hangover from the largest economic crisis in generations still clearly exists, and now is not the time to raise taxes on distressed homeowners. That is just common sense. Therefore, Congress.
Mortgage forgiveness occurs when the mortgage lender forgives some or all loan debt that you owe. This can occur when you have either modified your loan using a loan modification program But under the Mortgage Forgiveness Debt Relief Act of 2007, the forgiven debt has been rendered tax-free.
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I paid thé last bit of my mortgage. Now comes the second nasty surprise. Virginia requires that we also take their standard deduction since we took the fed. standard deduction. combined tax.
But the sunset of the federal Mortgage Forgiveness. that now includes whether to amend the mortgage-interest deduction tax break, a decades-old law that annually costs the government about $100.