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Posted on August 1, 2018 - 11:04 AM
by James and Denise Orrico
The Mortgage Forgiveness Debt Relief Act of 2007 allows taxpayers to exclude income from
the discharge of debt if their property sold is their principal residence. Debt reduced through
mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure
and short sale can qualify for this relief.
The extension expired on December 31, 2016. As of today congress has not passed an
extension. I’m hoping Congress will extend the Act by the December 31 st to include all of 2017
and possibly 2018.
Many homeowners continue to struggle to keep their homes. This is a huge help to folks that
do elect to short sell their home.
Please reference the link below for further clarification of the Act as outlined with the