Posted on
August 18, 2009
at
3:14 am
Hello what is that debt relief forgiveness act?
Posted on
August 18, 2009
at
3:30 am
You mean The Mortgage Forgiveness Debt Relief Act of 2007? It basically means that if the consumer's principal residence (mortgage terms) underwent modification or foreclosure - the income from it would not be taxed.
Posted on
August 18, 2009
at
3:43 am
What does debt forgiveness mean? When a lender forgives or cancels a debt, it must be reported as income on your tax return, it used to be taxable. The Mortgage Forgiveness Debt Relief Act allows you to exclude certain canceled debt on your principal residence from income. Are debts that were reduced through mortgage restructuring and debts that were forgiven to avoid foreclosure considered qualified for the relief?Yes.
Posted on
August 18, 2009
at
3:47 am
Is the Mortgage Forgiveness Debt Relief Act applicable to all types of forgiven or cancelled debts?
Posted on
August 18, 2009
at
3:55 am
No it only applies to forgiven or canceled debt that was used to:-purchase, build or improve the consumer's principal residence. -refinance debt incurred for those purposes-debt secured by the home, known as qualified principal residence indebtedness.
If you quallify the maximum amount you can is $1 million or $2 million (depending on if you file as married or individual)
Posted on
August 18, 2009
at
4:00 am
How long is The Mortgage Forgiveness Debt Relief Act in effect?
Posted on
August 18, 2009
at
4:03 am
Until 2012 and the consumer can download Form 982 at IRS.gov, or call 1-800-829-3676.
