Congress Extends the Cancellation of Mortgage Debt Relief Provision for 1 Year.
As you may or may not know the final act by the 112th Congress was to avert the ‘fiscal cliff’ and as part of the fiscal cliff deal Congress extended the cancellation of mortgage debt relief provision for 1 year, through the end of 2013. This is good news for any homeowner who is underwater and needs to sell a property, but was worried about the tax implications of a cancelled debt. Information about the Mortgage Debt Forgiveness Act can be found on http://www.irs.gov/Individuals/The-Mortgage-Forgiveness-Debt-Relief-Act-and-Debt-Cancellation (the news is still very new and the IRS will need time to update their website, but the original information is available on this link).
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