Day: January 5, 2015
Day: January 5, 2015
  • Homeowners with Short Sales in 2014 can Breathe a Sigh of Relief

    Due to expire in 2014, the Mortgage Debt Forgiveness Act of 2007 (MDFA) was extended by recent votes in Congress. Typically, if you owe a debt to someone else and they cancel or forgive that debt, the canceled amount may be taxable; however, the MDFA generally allows the exclusion of income realized as a result of modification of the terms of a mortgage, or foreclosure on your principal residence. The provision applies to qualifying debts of up to $2 million forgiven in calendar years 2007 th...
    By on Jan 05 · Category Uncategorized · · Continue reading →

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