Mortgage Debt Forgiveness Act – Extended for One Year
Friday, December 28, 2012
POST UPDATE for January 2, 2013: Great News... The Mortgage Debt Relief Act of 2007 will be extended for one year. On January 1, 2013 the Senate and House passed H.R. 8, legislation to avert the "fiscal cliff," the bill will be signed by the President on January 2, 2013. Here is the text from H.R.8: SEC. 202. EXTENSION OF EXCLUSION FROM GROSS INCOME OF DISCHARGE OF QUALIFIED PRINCIPAL RESIDENCE INDEBTEDNESS. (a) IN GENERAL.—Subparagraph (E) of section 108(a)(1) is amended by striking ‘‘January 1, 2013’’ and inserting ‘‘January 1, 2014’’. (b) EFFECTIVE DATE.—The amendment made by this section shall apply... Read more →