Homestead Exemption on Forgiven Debt Set to Expire This Month

By:
Dave Schaaf
Dave Schaaf

The Mortgage Forgiveness Debt Relief Act is scheduled to expire at the end of the month. The IRS considers forgiven debt income, which means a person with a deficiency balance that is waived can be held responsible for income taxes on the amount of debt that has been forgiven. There is currently a rule that gives an exemption on this income tax for a person’s primary residence. This exemption will expire at the end of this month if congress does not act to extend it. If you are a real estate agent or investor specializing in short sales, the expiration of this exemption could have a significant impact on your business… it may be worth the few minutes to give your congressman a call to voice your opinion.

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