Information from the IRS on the Mortgage Forgiveness Debt Relief Act (1099)

Cheryl Tanguay, CRS
Phone:
978-356-6300

Fax:
978-356-6300
Email

Mortgage Forgiveness Debt Relief Act

This act, now extended through tax year 2012, means that many homeowners who had part of their mortgage debt excused in the qualifying years will not need to pay income tax on this "1099 income."

If you have recently completed or are considering a short sale, short refinance, cram down, foreclosure, or bankruptcy, please ask your qualified tax professional if you qualify under this act. For details, please consult the information direct from the IRS below or via this link to the IRS site or consult your tax professional.

Neither Exclusive Homes Group nor Keller Williams Realty is qualified to provide tax advice. This page is not intended to be tax advice and should not be used as such. Please consult with a tax professional.

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