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joanne3 · Joined: 02 Aug 2010 Posts: 1 1.31 Dollars($)

Does NC tax laws conform to the federal Mortgage Debt Forgiveness Relief Act 0f 2007 that was recently extended to 2012? So if my home (primary residence) was foreclosed on and even if both the primary and secondary lienholders forgave the balance owed, will I have to pay income tax to both NC state as well as the federal government for the amount that was forgiven?

smithsussane · Posted: Mon Aug 02, 2010 8:32 pm Post subject:

Hi joanne!

Welcome to forums!

In most of the states, the Federal Mortgage Debt Forgiveness Relief Act of 2007 was extended to 2012. I haven't heard any exception in case of North Carolina.

Feel free to ask if you've further queries.

Sussane

Posted: Mon Aug 02, 2010 8:49 pm Post subject:

Sussane,

I understand the Federal Mortgage Debt Forgiveness Relief Act of 2007 was extended to 2012 but I read that certain states own internal tax codes do not conform to the federal one. In those cases, people would not owe federal income tax on the amount forgiven by the lender but would still owe state tax on it. I tried calling the NC Dept. of Revenue today and got transferred all over the place with no resolution.

Thanks,

Joanne

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