In response to the subprime mortgage crisis, the Mortgage Forgiveness debt relief act of 2007 excludes from income the discharge of qualified principal residence indebtedness. Its discharge provisions are temporary and apply to discharges during 2007, 2008, and 2009.
The Mortgage Forgiveness Debt Relief Act of 2007 allows taxpayers to exclude income from the discharge of debt on their principal residence. mfdra extended The Mortgage Forgiveness Debt Relief Act was originally scheduled to expire at the end of 2012, but Congress and the President acted to extend it through 2013, then again to extend it to 2014.
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Mortgage debt may qualify to be excluded from income under the Mortgage Forgiveness Debt Relief Act. This law provides that certain types of canceled mortgage debt can be excluded from taxes. This exclusion is important for people whose homes have been foreclosed, or who sold their house short, or who restructured their mortgage.
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"(W)e will not be able to pay this mortgage," a reader using the screen name "Donna Moore" wrote in response to a recent Credit.com story. qualify for an exclusion under the Mortgage Debt Relief.
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