A small bit of good news for homeowners selling in short sale position
Congress has amended The Mortgage Debt Relief Act of 2007 to The Mortgage Forgiveness Debt Relief Act and Debt Cancellation. The amended act contains expanded coverage and an extended deadline to 2012.
http://www.irs.gov/individuals/article/0,,id=179414,00.html
The MFDRA does not cover properties that are considered vacation homes or investments. Homeowners need to be sure and fill out the correct forms as it’s not an automatic situation, be sure to read the IRS details via the link to learn more.
Tax Carnival #49: Marching to Tax Day…
March has arrived, bringing us that much closer to the April 15 tax filing deadline. So this third month of the year provides the title for the 49th Carnival of Taxes: Marching to Tax Day. This March definitely came in like a lion, with taxpayers and t…
Trackback by Don't Mess With Taxes — March 4, 2009 @ 12:08 am