The Mortgage Forgiveness Debt Relief Act of 2007-what you need to know
“When the country runs out of money”, legendary comedian W.C. Fields once told a reporter, “then we’ll just have to print some more”. If things were really that simple, tax season would become a greater celebration than Christmas, Halloween and The Super Bowl all wrapped into one. The current financial state of the US, however, looks pretty grim for all tax payers, and particularly homes and owners who have been fighting the blunt of it these past few years. The very last thing needed when crumbling under constantly-heavier monthly payments is to be taxed if forced out of a home that can’t be paid for any longer; which is where the recent Mortgage Forgiveness Debt Relief Act comes into play.
What the Act is exactly
The 1986 Internal Revenue Code was forged in a way that did not much favor home owners trying to steer clear of impending foreclosure, in that the IRS would add “discharges of Indebtedness” to the owner’s gross income. The new bill, signed by congress on December 14th 2007 and by the President six days later,...
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