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Archive for the ‘Mortgage Forgiveness Debt Relief’ Category.

Three Popular Tax Benefits Retroactively Renewed for 2017

Congress and the Senate does it to taxpayers and CPA’s again, with the Bipartisan Budget Act after tax season is well under way, the 2017 tax forms released and finalized – three benefits were renewed on February 22, 2018! The Internal Revenue Service today said that it is ready to

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The Mortgage Forgiveness Debt Relief Act May Reduce your 2016 Tax Bill

The good news about debt forgiveness, in relation to the Mortgage Forgiveness Debt Relief Act of 2007, is that many taxpayers may qualify for a steep reduction on their tax liability. Debt Cancellation May be Taxable It works like this: If a mortgage lender cancels all or part of your debt during a specific tax year,

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Top 10 Tax Tips about Debt Cancellation

If your lender cancels part or all of your debt, it is usually considered income and you normally must pay tax on that amount. However, the law allows an exclusion that may apply to homeowners who had their mortgage debt cancelled in 2015. Here are 10 tips about debt cancellation:

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