The Mortgage Forgiveness Debt Relief Act and Debt Cancellation
This provision applies to debt forgiven in calendar years 2007 through 2012. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). The exclusion does not apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the... home’s value or the taxpayer’s financial condition.
More and more homeowners are calling me to help them sell before 2012 ends. Now is the time to call me.
This provision applies to debt forgiven in calendar years 2007 through 2012. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). The exclusion does not apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the... home’s value or the taxpayer’s financial condition.
More and more homeowners are calling me to help them sell before 2012 ends. Now is the time to call me.
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