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Home Buyer
Tax Credit
In Effect Until
April 2010 |
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We
Close Short Sales Quickly
You Can
Count On Us!
For
owners who can no longer afford to
kept their mortgage payment current,
there are alternatives to bankruptcy
or foreclosure proceedings. One of
those options is called a "Short
Sale".
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The Mortgage Forgiveness
Debt Relief Act
and Debt
Cancellation
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The Mortgage Debt
Relief Act of 2007
generally allows
taxpayers to exclude
income from the
discharge of debt on
their principal
residence. Debt
reduced through
mortgage
restructuring, as
well as mortgage
debt forgiven in
connection with a
foreclosure,
qualifies for the
relief.
This provision
applies to debt
forgiven in calendar
years 2007 through
2012. Up to $2
million of forgiven
debt is eligible for
this exclusion ($1
million if married
filing separately).
The exclusion does
not apply if the
discharge is due to
services performed
for the lender or
any other reason not
directly related to
a decline in the
home’s value or the
taxpayer’s financial
condition.
More
. . .
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AZ RESOURCES |
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Commercial
Leases |
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