Homeowner Tax Cut Extended; Forgiven Mortgage Debt Excluded From Taxable Income

IRS

Homeowner tax cut extended; forgiven mortgage debt excluded from taxable income

Homeowners (Nationwide) have one more year to complete a short sale and benefit from a federal tax break that was set to expire Tuesday.

Tucked into the 157-page legislation that saved the nation from the worst of the fiscal cliff is an extension of the Mortgage Debt Relief Act, which allows borrowers to exclude loan debt forgiven in a short sale, foreclosure or loan modification from counting as income on their taxes.

The act has saved struggling Floridians untold millions since it began in 2007. Tuesday’s approval of the American Taxpayer Relief Act of 2012 extends its deadline to Jan. 1, 2014.

“It’s an enormous relief,” said Sherry Lee, broker/owner of Lee Property Sales in West Palm Beach. “My Christmas and New Year’s was spent consoling sellers and trying to talk them through that process of realizing the act might not be extended and what that means.”

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Comments
One Response to “Homeowner Tax Cut Extended; Forgiven Mortgage Debt Excluded From Taxable Income”
  1. charley rice says:

    Deception to short sale your home when it’s already yours, but people your original LENDER is already out of business.

    It’s a BIG MISTAKE!

    Think about it people, this is a CON GAME brought on by them just to make you sell your home because they lost/destroyed the ALL the promissory notes.

    They created the Upside down market is the hype of deception to make you lose.

    Who give a damn about that home under water market THAT’S YOUR HOME! NEVER GIVE IT UP!

    They’re NOT going to GIVE you any money for it b/c they want you to walk away, don’t be a fool.

    Only the TRUE original subprime lender ON YOUR DEED OF TRUST that gave you the so called loan that you didn’t see any money to, is already out of business; and even though they may have had that right they can’t come back, and resurface from the dead to foreclose because it’s IMPOSSIBLE.

    THEY NEVER gave a valid assignment anyway to ANY 3rd party BANK, AND THAT’S WERE ALL the RAMPANT ROBO-SIGNING CAME INTO PLAY…

    WAKE UP, it’s just another way for them to conspire with the courts so you can lose your home.

    IT YOU GET CAUGHT UP IN THAT GAME JUST REMEMBER ALL THE ROBO-SIGNING IS VOID, SO the COURTS, nor JUDGES HAVE NO JURISDICTION to hand down a judgment on a faked document which it’s not legal.

    PUT THEM ALL ON NOTICE!

    IF they allow it in then SO PROTEST THE COURTS expose them and make them set down/retire!

    Send the pretender servicer a 30 day Federal Debt Collection Practice Act letter to verify the debt.

    When they don’t answer that then send them a 14 day letter, when they don’t answer that either then they’re in default.

    Then file a claim/complaint and take them to federal court they will lose because they have failed to answer those letters under the FDCPA and that’s all the federal court need.

    Don’t be punked out of your home by this forced to sell your house for a tax break.

    They’re all behind the shell game to make you lose what you have work all your life for…

    STAND YOUR GROUND!

    Remember taxes is NOT legal, but they also have you into thinking you owe, it’s just another way of extortion from the American people.

    DECEPTION is coming from EVERYONE…

    IF you don’t believe me then GOOGLE IT..

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