Unless the Mortgage Debt Relief Act of 2007 is extended, distressed homeowner’s face the risk of the imposition of income taxes on the discharged mortgage debt upon a short sale, short refinance or foreclosure. ... Read full article
(305) 891-4055 - 25 Years of Experience, Over 8,000 Cases Filed - Free Initial Consultation - Miami Bankruptcy Lawyer Jordan E. ... Read full article
The case of Quartemont v. Commissioner , T.C. Summary Opinion 2007-19 (Jacobs, J.) illustrates the tax consequences of the settlement of debt at less than the full amount and specifically addresses the calculation of "insolvency" for the ... Read full article
A mortgage foreclosure may also have federal income tax consequences. One issue is "discharge of indebtedness income." This can be understood as the IRS's attempt to tax you on money you were loaned but are not going to repay. The mortgage ... Read full article
In December, 2007, Congress passed the "Mortgage Forgiveness Debt Relief Act of 2007" to alleviate tax consequence for some homeowners in foreclosure. The new Act excludes from gross income certain cancelled discharged "qualified principal ... Read full article
