the provisions of mortgage debt forgiveness contained in the Mortgage Forgiveness Debt Relief Act of 2007, were extended through January 1, 2014.

Mortgage Forgiveness Debt Relief Act Extended Through 2013

Written by:
PropertyRadar
Written on:
January 2, 2013

As we postulated in an earlier post, the provisions of mortgage debt forgiveness contained in the Mortgage Forgiveness Debt Relief Act of 2007, were extended through January 1, 2014.  The extension will exempt from taxation mortgage debt that is forgiven in a loan modification, short sale or foreclosure.

See Section 202 of the American Taxpayer Relief Act of 2012 (H.R. 8 )

Written by:
PropertyRadar
Written on:
January 2, 2013