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February 2012 Archives

Mortgage Forgiveness Debt Relief Act

The Mortgage Forgiveness Debt Relief Act relieves individuals from paying income tax on debts forgiven such as a mortgage, credit cards or any other loan. In the past, if you were forgiven a debt by any company, whether it was a credit card company, mortgage company or any other loan company, then the amount you owed that was forgiven would be considered taxable as income by the IRS. This means that if you short sold your home for $100,000 and you still owed $200,000 then the amount that was forgiven by your mortgage company would be taxable by the IRS.

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Ace Law Group
6480 W Spring Mountain Rd
Ste 1
Las Vegas, NV 89146

Phone: 702-625-6560
Fax: 702-507-1468
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