Want a mortgage tax forgiveness extension? Act now

For now, you can qualify for this tax relief, the IRS says, if you used the debt to buy, build or substantially improve your primary residence. To claim this tax break, all you need to. for the.

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The Mortgage Tax Debt Forgiveness Relief Act, which was originally passed in 2007, generally allows 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 foreclosure, qualifies for the relief.

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Contents Money laundering schemes sundestin student loan debt debts. student loan Obtain debt forgiveness 9 recruiting class Mortgage Debt Tax Forgiveness Act of 2018. This bill modifies the rules for calculating taxable income to make permanent the exclusion from.

 · The mortgage forgiveness debt relief Act survived the fiscal cliff when it was given a one year extension through 2013. Homeowners who sell their primary residence in a short sale or lose their.

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Mortgage Forgiveness Debt Relief Act and Debt Cancellation If you owe a debt to someone else and they cancel or forgive that debt, the canceled amount may be taxable. The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence.

Congress fails to renew the Mortgage Debt Forgiveness Act through 2017. Four times now, the act has come close to expiring, but strong lobbying efforts NAR had managed to extend it; last month, NAR, the NAHB and the Mortgage Bankers Association sent a letter to Congressional leaders, urging them to extend the act.

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The standard deduction amounts for 2018 – before tax reform – would have been $6,500 for individuals, $9,550 for heads of households (HOH), and $13,000 for married filing jointly (MFJ). Now. passed.

This most recent bill passing by Congress now allows for homeowners to claim the income exclusion on their 2015 and 2016 tax returns (assuming the 1099-C is issued for 2015 or 2016). Tax year 2017 is currently without any extension of the mortgage debt income exclusion-look for that decision to be before Congress in December 2017.