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Want a mortgage tax forgiveness extension? Act now

The good news about debt forgiveness, in relation to the mortgage forgiveness debt relief act of 2007, is that many taxpayers may qualify for a steep reduction on their tax liability. Debt Cancellation May be Taxable. It works like this: If a mortgage lender cancels all or part of your debt during a.

 · The legislation would reduce the tax burden for underwater homeowners by extending the Mortgage Forgiveness Debt Relief Act of 2007. 4:01 p.m. Sat, July 20th Submit an Event

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To prevent homeowners from being forced to pay taxes on forgiven mortgage loan debt. 1. Short title. This Act may be cited as the mortgage forgiveness tax Relief Act. 2. Extension of exclusion from gross income of discharge of qualified principal residence indebtedness (a) In general

So for someone in the 25% tax bracket, forgiveness of $40,000 would. of 10 short-sale listings her company takes on now, the borrower is current on his or her mortgage, Peck said. While banks may.

Maxine McDaniel has a message for Americans considering walking away from an unaffordable mortgage: Beware of taxes. Though not every homeowner who’s underwater on a mortgage need. tax implications.

The Senate has not yet acted on the tax extenders, but is expected to do so the week of Dec. The House bill includes a one-year extension of several expired tax provisions that benefit REALTORS and their clients, including tax relief for mortgage debt forgiveness.

Mortgage forgiveness occurs when the mortgage lender forgives some or all loan debt that you owe. This can occur when you have either modified your loan using a loan modification program But under the Mortgage Forgiveness Debt Relief Act of 2007, the forgiven debt has been rendered tax-free.

The Mortgage Debt Relief Act of 2007 allows taxpayers to exclude income (on their tax returns) from the discharged debt on their principal residence. This can include debt that is reduced by mortgage restructuring as well as debt that is forgiven relating to a short sale or foreclosure.

According to Turbo Tax, the mortgage insurance deduction began in 2006 and was extended by the Protecting American from Tax Hikes Act of 2015. For most Americans today, PMI is tax deductible. It is required that the loan was made in 2007 or later, and it has to be either for a primary residence or a second home that you are not renting out.

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