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Tag Archives: Mortgage Forgiveness Debt Relief Act

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Legislation to Extend Tax Relief to Distressed Homeowners Currently in House, Senate Committees

Real Estate InvestingBy adminApril 7, 20151 Comment

[facebook] [retweet] Two similar pieces of legislation introduced last month in the House and Senate that would extend tax relief to homeowners who are underwater on their mortgage loans have been referred to committees and are waiting to be heard. Congressman Tom Reed (R-New York) introduced the Mortgage Forgiveness Tax Relief Act of 2015 (H.R.…

Short Sale Tax Break Signed into Law

Real Estate InvestingBy adminJanuary 13, 2015Leave a comment

[facebook][retweet] Homeowners who had short sales in 2014 can now breathe a giant sigh of relief, as the Mortgage Debt Forgiveness Act was signed into law by President Barack Obama. Under the Mortgage Debt Forgiveness Act, any mortgage forgiveness achieved in a short sale is not counted as income for homeowners whom banks allowed to…

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