Mortgage industry fares well in fiscal cliff deal, debt forgiveness law survives

Fiscal cliff deal preserves key housing tax breaks. Mortgage-interest deductions are a nearly $100 billion-per-year revenue drain for the U.S. Treasury, according to syndicate real estate Observers were concerned that without the debt forgiveness tax break, homeowners would not consent to short.

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Nerium Announces New Blogs. Mortgage Debt Foregiveness Act Extended Through 20.

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Debt Forgiveness. Cancellation of Indebtedness. If an individual or business borrows money from a creditor (i.e. mortgage lenders, credit card companies, etc.) this does not give rise to any income tax liability because the individual or business has an obligation to repay that money.

You may exclude debt reduced through mortgage restructuring, as well as mortgage debt forgiven in a For more information about the Mortgage Forgiveness Debt Relief Act of 2007, visit http The ITA tool is a tax law resource that takes you through a series of questions and provides you with.

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The Mortgage Forgiveness Tax Relief Act helped people whose houses lost value during the crisis to use short sale and avoid bankruptcy. Since one of the goals of the fiscal cliff negotiations is to raise money, extending this tax break might be a hard sell. How Did the Mortgage Forgiveness Tax Relief.

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What does the fiscal cliff deal actually mean for you? For one thing, it may mean higher taxes. After deciding on a debt settlement plan, this extra money each month can help families stay current on mortgages, reduce The fiscal cliff deal was not a magic solution to an uncertain economy, just as.

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The fiscal cliff deal preserves the Mortgage Forgiveness Debt Relief Act, while also bringing back a popular tax break 1 is one that leaves room for hope in the housing market. The American Taxpayer Relief Act of 2012 apparently extends a law that expired at the end of 2011, which allowed for the.