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You are here: Home / Homeowners / Mortgage Debt Relief Legislation on the Way?

Mortgage Debt Relief Legislation on the Way?

April 16, 2015 By Geoffrey Disch Leave a Comment

Congress is reportedly seriously considering a bipartisan bill hat would extend the mortgage debt relief safe harbor for eligible homeowners through 2015 and all of 2016.

Currently, if a lender forgives mortgage debt as part of a loan modification or other arrangement, that amount will be treated by the IRS as ordinary income and taxed accordingly which can easily run into tens of thousands of dollars.

The Mortgage Forgiveness Debt Relief Act, passed last year, only helped homeowners who received write-offs during 2014.

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Filed Under: Homeowners Tagged With: mortgage debt relief

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