Sep 142011
 

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!

Mortgage Forgiveness Debt Relief Act and Debt Cancellation

 

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:

http://www.irs.gov/individuals/article/0,,id=179414,00.html

For more information, email Linda at: Linda@FloridaHomesByLinda.com

You can also email Kevin at: khale@cftitleco.com

  6 Responses to “The Mortgage Forgiveness Debt Relief Act And Debt Cancellation”

  1. I have been hearing more and more about tax relief for mortgage forgiveness. It is nice to know that there is some help out there with the market they way that it is.

  2. […] Milestones In Service SectorMy Senate Banking Testimony on Foreclosure Review by Fed, OCC and OTSThe Mortgage Forgiveness Debt Relief Act And Debt Cancellation : The Martignetti GroupMy Senate Banking Testimony on Foreclosure Review by Fed, OCC and OTSThe Mortgage […]

  3. […] 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.Source: homesinsouthfloridaforsale.com […]

  4. […] 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.Source: homesinsouthfloridaforsale.com […]

  5. […] 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.Source: homesinsouthfloridaforsale.com […]

  6. […] 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.Source: homesinsouthfloridaforsale.com […]

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