MORTGAGE DEBT RELIEF ACT EXTENDED THROUGH DECEMBER 31, 2016
The Mortgage Debt Relief Act of 2007 basically provided that no income tax would accrue for the debt relief given to a borrower after a foreclosure or a short sale of a mortgage used to purchase a home or to make improvements on a home. The Act expired December 14. 2014.
Legislation was passed this week to extend the Act again, this time until December 31, 2016. In other words, any deficiency as discussed above will not be taxable income to a borrower if the foreclosure or short sale occurs prior to December 31, 2016. Therefore, for both the years 2015 and 2016 the borrower will have the deficiency tax protection.
I'm available to discuss your situation if you're considering a Short Sale or Foreclosure or if you're just looking to purchase another home.
Mike Dokos
Homesmart Realty
480.600.3948
Mike.XceptionalRealty.com
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