Does the Mortgage Forgiveness Debt Relief Act apply to investment property?
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This is a question best answered by a CPA but the short answer is possibly...but they want to ask about "insolvency" See attached: http://www.irs.gov/individuals/article/0,,id=179414,00.html/
the MDFRA does not apply to an investment property but there is other relief for an investor....there is relief from the tax ramifications and the credit issues....but many situations are different but there is almost certainly some relief for your client
Paddy Deighan Esq
Harry,
You summed it up... the key work "principal" ! However Keri is correct, there can be "relief" for an investor, They need to consult their CPA!
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