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Latest Developments: Mortgage Forgiveness Debt Relief Act

Latest developments concerning the extension of the Mortgage Forgiveness Debt Relief Act

Following up on my earlier blog on the subject, President Obama signed the bill on December 19, 2014, so it is now law, and means that for any homeowners who either went through a short sale or foreclosure of their primary residence in 2014 (or may do so in the next 8 days), they may be able to avoid taxation of debt forgiveness if they qualify under the act. Doesn’t help anyone who may have to go through the short sale or foreclosure process in 2015.

Disclaimer: this column does not constitute the giving of legal advice, and your reading this column does not create an attorney/client relationship. You are encouraged to consult a lawyer or accountant should you have questions about how this information may be applicable to your particular situation.
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