Posted on: 03rd Jan, 2013 01:44 am
In order to avoid the serious consequences of fiscal cliff, Mortgage Forgiveness Debt Relief Act was extended through 2013. The law, which came into effect in 2007, was set to expire on 31st December, 2012. Anyways, this extension will provide relief to the homeowners from paying taxes on forgiven mortgages.
This is a great news for all the homeowners!!
With the extension of this Mortgage Debt Relief Act, the forgiven debt won't be taxable by the IRS. If this act hadn't been extended, then many homeowners would have to pay huge amount in taxes.
With the extension of this Mortgage Debt Relief Act, the forgiven debt won't be taxable by the IRS. If this act hadn't been extended, then many homeowners would have to pay huge amount in taxes.
It should be noted here that the extension of Mortgage Debt Relief Act will help struggling homeowners take full advantage of the assistance offered to them by the National Mortgage Settlement and the foreclosure relief programs.