Tax exemption, for canceled mortgage debt, expires at the end of this year.

by Gary and Lisa Schoeffler on March 5, 2012

in Latest News

The number of 1099-Cs could rise even more if a tax exemption for canceled mortgage debt expires at the end of this year. Legislation enacted in 2007 excludes mortgage debt on a principal residence that was forgiven as a result of a loan modification, short sale or foreclosure. If the exemption isn’t extended, thousands of homeowners who owe more than their homes are worth could be on the hook for taxes, according to the National Association of Realtors.

When the law was enacted, Olson says, “no one conceived it would take longer than 2012 to dig out of the mortgage crisis.”

Lisa Schoeffler, CRS, ASP
Prudential California Realty
A member of HomeServices of America, Inc.
a Berkshire Hathaway affiliate

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