Selling a home? Mortgage Forgiveness Act might help you

If you are a homeowner and are forced into a short sale, Congress just extended legislation which could help you at tax time.

The Mortgage Forgiveness Debt Act has been extended until 2017. According to Chicago Agent:

Originally passed in 2007, the act protects underwater homeowners from incurring tax bills on the debt forgiven during a short sale. Three times now, the act has come close to expiring, but strong lobbying efforts by NAR (National Association of REALTORSĀ®) have managed to extend it.

The bill provides some relief for those who borrowed to finance a home which as a result of the financial crisis saw its value plummet.

 

By |2015-12-23T13:31:05+00:00December 23rd, 2015|Uncategorized|Comments Off on Selling a home? Mortgage Forgiveness Act might help you

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