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Will Mortgage Debt Relief Is The Mortgage Forgiveness Act Extended

If a lender forgave some of your mortgage debt in 2012, do you have to. the mortgage forgiveness debt relief act. Basically, the act extended.


As part of a wider piece of tax legislation, Congress has voted to extended the Mortgage Forgiveness Debt Act to 2017. Originally passed in 2007, the act protects underwater homeowners from incurring tax bills on the debt forgiven during a short sale.

Mortgage Forgiveness Debt Relief Act Extended for 2017. Posted on 10. Feb, 2018 by ctlms in My Blog, Real Estate, Short Sale. The IRS tax exemption that many homeowners used to avoid takes from a short sale or other mortgage debt forgiveness has been retroactively extended to cover 2017.

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On February 9, 2018, President Trump signed the Bipartisan Budget Act of 2018. One provision of the law extended the Mortgage Forgiveness Debt Relief Act to include indebtedness that is discharged before January 1, 2018, and to written discharge agreements executed before January 1, 2018.

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The act excludes qualified principal residence mortgage forgiveness from income as long as the discharge occurs on or after January 1, 2007, and before January 1, 2010 (Sec. 108(a)(1)(E)).

People who have lost their homes through foreclosure or who have restructured their mortgage loans might qualify for tax relief under the Mortgage Forgiveness Debt Relief Act, but only for a limited time. First enacted in 2007, the Act was extended through 2016 and was set to expire or "sunset" on January 1, 2017.

U.S. Senator Debbie Stabenow (D-MI) introduced a bi-partisan bill to extend the Mortgage Forgiveness Debt Relief Act through the end of 2018. Whether the Act.

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“It is a big deal and it would be very unfortunate if, due to Congress’ inability to act, people will suffer. leaders in December urging them to extend the mortgage debt forgiveness tax break. The.

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