The Mortgage Forgiveness Debt Relief Act of 2007-2016 by Erik Sandstrom | Dec 21, 2015 | Taxes The U.S. Government has just announced that a Bill just passed that will allow for the extension of the Mortgage Debt Relief Act of 2007 for an additional two years of protection covering tax years 2015 and 2016.
This most recent bill passing by Congress now allows for homeowners to claim the income exclusion on their 2015 and 2016 tax returns (assuming the 1099-C is issued for 2015 or 2016). Tax year 2017 is currently without any extension of the mortgage debt income exclusion-look for that decision to be before Congress in December 2017.
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People who have lost their homes through foreclosure or who have restructured their mortgage loans might qualify for tax relief under the Mortgage Forgiveness Debt Relief Act, but only for a limited time. First enacted in 2007, the Act was extended through 2016 and was set to expire or "sunset" on January 1, 2017.
Updated September 5, 2019 – The Mortgage Forgiveness Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualify for this relief.
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Where it notes: "The Mortgage Debt Relief Act of 2007 generally allows. that the Debt Relief Act will be extended for debts forgiven in 2018. Lawmakers managed to extend the Mortgage Forgiveness Debt Relief Act as part of their 11 th hour deal to avoid the fiscal cliff. The extension means homeowners now will be excused from paying.
Fla. Court (11th Jud Cir) Holds Borrower’s Heir Could Raise Statute of Limitations Defense in Foreclosure | The CFS Blog Fla. Court (11th Jud Cir) Holds Borrower’s Heir Could Raise Statute of Limitations Defense in Foreclosure. published april 27, 2017 by Christopher P. Hahn. Home Mortgage Law Foreclosure fla. court (11th jud cir).
The Mortgage Forgiveness Debt Relief Act of 2007 allows taxpayers to exclude income from the discharge of debt on their principal residence. MFDRA extended The Mortgage Forgiveness Debt Relief Act was originally scheduled to expire at the end of 2012, but Congress and the President acted to extend it through 2013, then again to extend it to 2014.
Extension of the Mortgage Debt Relief Act The Act initially covered a three-year period between 2007 and 2010, but was extended five times, to 2012, 2013, 2014, 2016 and then to 2017. This can also apply to debt that is discharged in 2018 provided that there was a written agreement entered into in 2017.