News & Information: Real Estate News

Call For Action: Mortgage Debt Cancellation Tax Relief

Tuesday, December 2, 2014  
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REALTOR® Call For Action:
Urge Congress to extend the
Mortgage Debt Forgiveness Tax Relief Act

Contact Florida Senators Bill Nelson and Marco Rubio now »

The income tax exemption on mortgage debt forgiven in a short sale or a workout for principal residences expired at the end of 2013. The US House voted Wednesday, December 3 to extend this exemption, but without immediate action by the Senate, distressed homeowners will have to pay tax on “phantom income” from forgiven debt.

Many families have decided not to go through with short sales or seek workouts because of the uncertainty over the status of the waiver. This is not only unfair but harms families, neighborhoods, and communities.

Learn more about the Mortgage Debt Forgiveness Tax Relief Act

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