What is tax relief mortgage debt forgiveness, and is it still - TopicsExpress

What is tax relief mortgage debt forgiveness, and is it still available? For the last few years, the congress allowed a tax relief to those who went through short sales and had their mortgage forgiven! Typically, IRS considers that as a gain and the homeowner is required to pay taxes on the forgiven amount. But till 2013, the law helped waive that taxation! On January 1, 2014 the provision expired and put the tax burden on every homeowner who took advantage of this mortgage relief! The good news is that the Congress has passed the bill for an extension of this provision, including some other bills, and Senate hopefully will do the same soon! Thanks to NAR (National Association of Realtors) for working on behalf of the consumers to make this happen! Need more clarification on this? Ask us! We can be reached at 732.494.2211. Know of friends who may be going through a short sale right now?Tell them about it! 732.494.2211. ontrackrealty

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