TIME IS RUNNING OUT!
The Mortgage Forgiveness Debt Relief Act and Debt Cancellation expires on December 31, 2012!!!
If you are still contemplating if a short sale is best for you, please contact:
~ LINDA MARTIGNETTI 954-464-5434 or
~ KEVIN HALE (CONSUMERS FIRST TITLE) 954-340-5150
for a FREE CONSULTATION!
Under federal law, a creditor is required to file a Form 1099-C whenever it forgives or cancels a loan balance greater than $600. This may create a tax liability for the debtor because the canceled debt is considered “income” for tax purposes.
However, the Mortgage Forgiveness Debt Relief Act of 2007 provides tax relief for some mortgage loans forgiven in 2007 through 2012. The Mortgage Forgiveness Debt Relief Act of 2007 allows taxpayers to exclude income from the discharge of debt on their principal residence.
You qualify for the Mortgage Forgiveness Debt Relief Act if the home was your principal residence.
For more information about the The Mortgage Forgiveness Debt Relief Act and Debt Cancellation, go to the IRS website at:
For more information, email Linda at: Linda@FloridaHomesByLinda.com
You can also email Kevin at: firstname.lastname@example.org