Home arrow Mortgage Forums arrow Budgeting and Personal Finance arrow

D.I.L. Tax Relief

Author Message
Icon Mini Profile gamblinp3





Joined: 10 Feb 2010

Posts: 1

1.33 Dollars($)
Post Posted: Wed Feb 10, 2010 10:30 am    Post subject: D.I.L. Tax Relief
Like 0
Dislike 0

Does the Mortgage Forgiveness Debt Relief Act of 2007 assist in forgiving the taxes incurred from a Deed in Lieu. We have just received a tax form (10-99) for the amount the bank did not recover from the sale of property in 2008. We are not able to pay a tax on $199,00.00 as we are civil servants and wont make that type of money. We are seeking a tax attorney now but are not sure of the right coarse of action. Does anyone know of a coarse of action. We have already been uprooted by a move to Wyoming due to a job transfer and now we feel lost.
Icon Mini Profile savior70





Joined: 25 Mar 2009

Posts: 1895
Location: Florida
261.84 Dollars($)
Post Posted: Thu Feb 11, 2010 3:24 am    Post subject:
Like 0
Dislike 0

Hi gamblinp,

The Mortgage Forgiveness Debt Relief Act of 2007 applies to all debts discharged in the years 2007 through 2012. If your property was sold through a deed in lieu and the lender forgave the deficiency, it will be considered as your taxable income. But if you used the property as your primary residence, you can claim exemption from paying tax on this canceled debt amount.
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Refinance Quotes
Call for Rates
Speak to a lender now.
We will match calls to our toll free number with our network of lenders.
Highlights

Financial Tools

Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool


Helpful References
34 Tax tips boost your savings
12 financial ways for Seniors
Budgeting Lesson 1
401k/403b Retirement Loan


Calculators     [View all]
Calculate Debt-Income Ratio
Calculate Retirement savings
Convert IRA to Roth IRA
Tax savings in 1031 Exchange


Our Community

MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards

Five simple ways to earn money with the Mortgage Community.







We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 0.051 seconds.