What is the mortgage foreclosure forgiveness act?

Answer Under the the 2007 Mortgage Forgiveness Debt Relief Act, any canceled or forgiven mortgage debt on a principal residence can be excluded from tax liability. The law applies to canceled debts betwee... Read More »

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The Effects of the Mortgage Forgiveness Act?

The Mortgage Debt Relief Act of 2007, also sometimes referred to as the Mortgage Forgiveness Act, allows taxpayers to exclude from filing as interest any mortgage debt reduced through a home loan r... Read More »

What is the Mortgage Forgiveness Debt Relief Act?

The Mortgage Forgiveness Debt Relief Act was passed in 2007. The legislation enabled citizens who restructured their mortgage to avoid paying taxes on income gained from debt reduction. Prior to th... Read More »

What Is Mortgage Forgiveness Debt Relief?

The Mortgage Forgiveness Debt Relief Act was enacted in 2007 and extends to 2012. For taxpayers whose mortgages are canceled or reduced during this time, the act exempts them from reporting the for... Read More »

How Is the Forgiveness of Mortgage Debt Recorded on an Income Statement?

Mortgage debt forgiveness happens when a corporate lender believes its unstinting support for a borrower is no longer necessary, either because the debtor is facing financial distress or has filed ... Read More »