Will Mortgage Debt Relief Is The Mortgage Forgiveness 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.

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1shares 0 0 1 0Many of our readers have asked whether or not we believe the Mortgage Forgiveness Debt Relief Act of 2007 will be extended past its current expiration scheduled for the end of the year. As a reminder, the legislation ensures that homeowners who received principal reductions or other forms of debt forgiveness [.]

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.

If passed, this legislation will extend mortgage debt forgiveness through 2019. It does not appear that Congress has yet come up with a permanent solution to this problem.

Since the passage of the Mortgage Debt Forgiveness. in homeowner relief. But if Congress fails to exempt this relief from taxation, much of it will be of little help to homeowners. Uncertainty.

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The mortgage forgiveness debt relief act has been a very important factor in a decision to short sale, foreclose or look into a bankruptcy. Read the IRS rules of The Mortgage Forgiveness Debt Relief Act and Debt Cancellation here. But YES! It appears to be extended through to January 1, 2014.

Mortgage Forgiveness and Debt Relief Act This vestige of the Great Recession, passed in late 2007 during the George W. Bush administration, then extended by Congress under both presidents Obama and Trump, allowed – under limited circumstances – debt forgiven by mortgage lenders to be excluded from the borrower’s tax return.

Extension of the mortgage debt relief act The Act initially covered a three-year period between 2007 and 2010, but was extended five times, to 2012, 2013, 2014, 2016 and then to 2017. This can also apply to debt that is discharged in 2018 provided that there was a written agreement entered into in 2017.

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