The Mortgage Forgiveness Act Expires
January 12, 2009 by admin
Filed under business, News, real estate info, taxes
The Mortgage Forgiveness Act expires on the eve of the worst housing crisis since the Great Depression.
If you was fortunate enough to sell your home last year, but needed to sell it with the lender getting less than what they were owned; you may be taxed on the deficiency. The bill, President Bush signed that gave tax exemptions on the deficiency created from the short sale is now taxable unless Congress extends the bill.
There is still time to ensure that the debt is forgiven by the lender if your property is sold after January 1, 2007 and before January 1, 2013.  The home must be your primary residence and the debt that is forgiven is debt from the first loan. A secondary or HELOC is not eligible.
The tax form that allow you to take advantage of debt forgiveness is Tax Form 982. You have to prove that you are insoverign and unable to pay the debt back.
I wonder how long its going to take. Maybe 2009.
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