Mortgage Forgiveness Tax Extended

Dated: 12/23/2014

Views: 296

Mortgage Forgiveness Tax Extended: 

On December 16, 2014 the Senate passed the Tax Increase Prevention Act of 2014 by a vote of 76-16. This bill includes a one year extension of several expired tax provisions including tax relief for mortgage debt forgiveness. In late 2007, in response to the emerging financial crisis, the Mortgage Forgiveness Debt Relief Act was signed into law to relieve homeowners of tax liabilities due to housing debt forgiveness. The Act has been extended twice since 2007 but the last extension had expired on January 1, 2014.

The tax relief is now effective retroactive to January 1, 2014 and will expire on December 31, 2014.

The new bill was passed by the house on December 3, 2014 and will now go to the President who is expected to sign it into law.

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Chuck Rifae

Chuck Rifae has been a leading Northern Virginia Realtor since 2002. Chuck holds the advanced designation of Broker of Real Estate for both Maryland and Virginia. When Chuck is not working with buyer....

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