The Mortgage Forgiveness Debt Relief Act has Been EXTENDED

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Finally! Nothing like waiting to the last minute, but last night Congress passed a bill ( The American Taxpayer Relief Act of 2012 (Sec. 202) ) that retroactively extended the?Mortgage Forgiveness Debt Relief Act of 2007?through December 31, 2013.?

This Act helps homeowners who get their mortgage debt forgiven through either a short sale or loan modification. When a short sale occurs, the IRS, because of this Act, won't treat the debt that is forgiven by the bank as income, therefore the homeowner won't owe taxes on that amount. If this had not been extended, it would have been devastating for homeowners who are already experiencing financial hardships.

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Along with the extension on the Mortgage Forgiveness Debt Relief Act, this legislation also?extends dozens of other tax cuts including one that?extends homeowners' ability to deduct the cost of mortgage insurance on a qualified personal residence.??

For info on what exactly the Mortgage Debt Relief Act covers, you can read about it at:

http://www.irs.gov/Individuals/The-Mortgage-Forgiveness-Debt-Relief-Act-and-Debt-Cancellation-

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Source: http://rainingcatsandblogs-snt.com/post/3571044/the-mortgage-forgiveness-debt-relief-act-has-been-extended-

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