CDL Data Good News for Homeowners!

As part of the American Taxpayer Relief Act of 2012, or the fiscal cliff bill, passed by Congress on Jan. 1, a one-year extension has been approved for the Mortgage Forgiveness Debt Relief Act (the Act).

Created in 2007, the Act has provided homeowners a tax exemption when they obtain debt forgiveness on a primary residence. Prior to the Act, homeowners were taxed on the forgiven debt, known as debt discharge income. Any debt forgiven by a lender is usually considered income and is taxed by the federal government. For example, a person selling his or her home for $100,000 below the amount owed …

CDL Data



Categories News and Events, Press Release | Tags: | Posted on February 18, 2013

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