Mortgage Forgiveness Debt Relief Act – The Rios Law Firm

Mortgage Forgiveness Debt Relief Act expired, what is the IRS “insolvency clause” and how could this help you?

The Mortgage Forgiveness Debt Relief Act expired December 31, 2013. The Act prevented homeowners who go through a short sale or foreclosure from being taxed on the amount of their mortgage debt that has been forgiven. the debt that is forgiven is normally considered taxable income. The good news is there is still a wayContinue reading “Mortgage Forgiveness Debt Relief Act expired, what is the IRS “insolvency clause” and how could this help you?”