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Mortgage Debt Tax Relief Extended PDF Print E-mail
Tuesday, 08 January 2013

A tax break for forgiven mortgage debt that was set to expire Dec. 31 was extended by lawmakers when they dodged the “fiscal cliff” this week.

The tax break, which has been extended to the end of 2013, allows home owners facing short sales, reduced loan principals, or foreclosures to avoid paying taxes on any debt still owed to the bank. Otherwise, the debt would have been taxed by the IRS as income.

The tax break first took effect in 2007.



Home owners had rushed to complete short sales before the end of the year out of fear that the tax break would not be extended.

Visit REALTOR.org for a complete list of real estate provisions included in the “fiscal cliff” bill.

Source: “Tax Break for Forgiven Mortgage Debt Extended,” Tampa Bay Times (Jan. 3, 2012)

 
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