Mortgage Debt Relief Act extended as part of fiscal cliff package

http://speakingofrealestate.blogs.realtor.org/2013/01/01/senate-‘cliff’-bill-retains-mortgage-cancellation-relief/

This is a great way to start the new year!  I still think it was important to plan ahead and build knowledge for the contingency of the package not being passed.  I always say, especially in short sales, that you need to be prepared from all angles.

www.josephalfe.com

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Permalink Reply by Neil L. on January 2, 2013 at 8:07am

This is big news but they haven't updated their dates on the IRS website, unless you see something i don't.

Permalink Reply by Tabitha on January 2, 2013 at 9:46am

IRS has not updated this on their website. Do we have any publications that the debt relief has been extended?

Permalink Reply by Wayne Brooks on January 2, 2013 at 9:50am

Passed by House and Senate as part of the Jumping Off The Cliff package.    To be signed by Prez today.

Expect the IRS website to be updated in February??

Permalink Reply by Tabitha on January 2, 2013 at 10:08am

Short sale superstars put the update out this morning on the tax debt relief act extension to January 2014. Where are they getting this date?

Permalink Reply by Bryant Tutas on January 2, 2013 at 10:42am

They extended until January 1, 2014 is what I read on CNN.

Permalink Reply by Bryant Tutas on January 2, 2013 at 10:45am


WASHINGTON - Jan. 2, 2013 - Yesterday, the House and Senate passed H.R. 8, legislation to avert the so-called "fiscal cliff." Following are real estate-related provisions of the bill, which President Obama plans to sign into law today:

• Mortgage Forgiveness Debt Relief Act extended to January 1, 2014. In place since 2007, the act provided a tax break for homeowners who struggled through financial hardship such as a foreclosure, and were granted mortgage debt forgiveness. In the past several months, National Association of Realtors (NAR) issued numerous calls to action urging its million-plus Realtor members to ask lawmakers to extend the tax break for another year. More than a quarter of all transactions involve distressed properties, the NAR said in its plea. "Homeowners shouldn't be forced to pay a tax on money they've already lost with cash they never received."

Permalink Reply by Tabitha on January 2, 2013 at 11:55am

Thank you!

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