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Tax Break for Mortgage Debt Forgiveness

Posted on: 21st Dec, 2007 05:20 pm

http://www.govtrack.us/congress/bill.xpd?bill=h110-3648

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Posted on: 27th Sep, 2009 11:20 pm
what happens if i do deed in lieu of
Posted on: 25th Oct, 2009 09:15 am
Hi ejm,

Your query has been replied to in the given page:
http://www.mortgagefit.com/problems/modification-lowincome.html

Take a look at it. I hope it will help you.
Posted on: 25th Oct, 2009 11:08 pm
I bought a lot in 2006 to build what would had been my primary home. Then the bottom fell out and I was only able to get to the dirt work done before having to go another route and fell behind on my payments. I am on the process of subitting for a DIL. What is going to happen to me? The bank said that I might be hit for the entire amount ($159,000) via 1099. Any advice will be helpful. My credit is already shot, I am needing to minimize the tax hit I will take.
Posted on: 11th Nov, 2009 08:25 am
Hi Ted ,

Your query has been replied to in the given page:
http://www.mortgagefit.com/inprocess/about30571.html

Hope it helps you.
Posted on: 11th Nov, 2009 11:30 pm
What happens after Dec. 2009. Are homeowners not resposible for the capital gains tax?
Posted on: 20th Nov, 2009 01:00 pm
Hi Guest!

Welcome to forums!

I haven't heard of any such rule stating that after December, 2009, you won't be liable to pay the capital gains taxes. Where did you get this information from?

Sussane
Posted on: 20th Nov, 2009 10:27 pm
Did they extend the cancellation of debt forgiveness after 12/31/09 yet?
Posted on: 10th Jan, 2010 07:09 pm
As far as I know, the Mortgage Debt Forgiveness Act is valid upto 2012.
Posted on: 11th Jan, 2010 02:06 am
I just did a Google search which turned up an extension until January 2012
Posted on: 01st Apr, 2010 04:56 pm
is the mortage forgiveness debt relief act still good or did it end in 09
Posted on: 15th Apr, 2010 11:21 am
Hi jenrick!

Welcome to forums!

The Mortgage Forgiveness Debt Relief Act has been extended till 2012 as per my knowledge.

Sussane
Posted on: 16th Apr, 2010 01:49 am
it applies to qualified principal residence indebtedness forgiven in calendar years 2007 through 2012.
Posted on: 20th Apr, 2010 08:26 pm
HAFA Lasted untill 2009. It is now 2010. Has it been extended? Thanks gene
Posted on: 07th Jun, 2010 09:27 pm
Hi Gene,

The HAFA program came into effect from April 5, 2010 and the borrowers can take advantage of this program till December 31, 2012.

Thanks
Posted on: 08th Jun, 2010 11:08 pm
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