Want a mortgage tax forgiveness extension? Act now

The U.S. Congress has adjourned for 2016 without extending the Mortgage Debt Forgiveness Act, which will now expire at the end of the year. Originally passed in 2007, the act has protected underwater homeowners from incurring tax bills on the debt forgiven during a short sale.

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Greater New Haven Underwater Homeowners Breathe a Sigh of Relief as Congress Extends Mortgage forgiveness debt relief. of the tax bill to address the "fiscal cliff," Congress passed an extension of.

Under the act, taxpayers were able to exclude up to $2 million in debt forgiveness, whether through foreclosure, short sale, or some sort of mortgage modification. The key stipulation: The waiver had to be made on the taxpayer’s qualified principal residence. Second homes and vacation homes did not qualify.

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The Mortgage Forgiveness Debt Relief Act of 2007 sunsets at the end of December, just two weeks from now. Congressional action will be required. That said, if you do want to give it a try you can.

With the extension of the Act, homeowners across the country can continue to seek debt relief through a short sale without any tax liability whatsoever. short sales each year. The Mortgage.

But they all have temporary status in the federal tax code and need to be renewed periodically. Finance Committee’s bill now heading for full senate action this fall: A retroactive extension.

Should I divert all extra money in my budget to paying off the mortgage because it isn’t. And do you think I should talk to them now so I can make sure to collect any paperwork they’ll need next.

This time of year, taxpayers are bombarded with advice about maximizing deductions to reduce tax bills. By now. mortgage, that amount which is forgiven is reported to IRS and may be includable as.

December 31st, 2012: Expiration of Mortgage Debt Forgiveness Relief Act (unless extended. payments on the tax return they can file as early as January of the following year. In the same vein,

The proposed Tax Extender Act of 2017 is supposed to deal with the problem. If passed, this legislation will extend mortgage debt forgiveness through 2019. It does not appear that Congress has.

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