Mortgage Debt Relief Act Expires Dec. 2012
By: Mary Ellen Wilson Real Estate Views: 4553 | Comments: 0 | Votes: 2
San Diego, CA – EHS says “Be Concerned.” Here’s how the 2007 Act works. If your lender forgives any of your loans, it is reported to the IRS as ordinary income. That income could add over $100,000 to your taxable income. The 2007 bill forgives that tax. Congress created a bi-partisan 12-member committee to reduce the $1.5 trillion dollar tax deficit. More