Mortgage industry fares well in fiscal cliff deal, debt forgiveness law survives

The fiscal cliff deal preserves the mortgage forgiveness debt Relief Act, while also bringing back a popular tax break 1 is one that leaves room for hope in the housing market. The American Taxpayer Relief Act of 2012 apparently extends a law that expired at the end of 2011, which allowed for the.

Many credit the Mortgage Forgiveness Debt Relief Act for much of the housing industry’s recovery in The Act was enacted to remove from a tax payer’s income, debt that was forgiven in the foreclose or Unless a deal is reached, the forgiveness of that debt will again be counted as income and.

The Mortgage Forgiveness Debt Relief Act was introduced in the United States Congress on September 25, 2007, and signed into law by President George W. Bush on December 20, 2007. This act offers relief to homeowners who would have owed taxes on forgiven mortgage debt after facing.

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31. The fiscal cliff deal extends it for another year, meaning homeowners who experience a debt reduction through mortgage principal forgiveness or a short sale are exempt from being taxed on the forgiven amount. "The amount extends up to $2 million of debt forgiven on the homeowner’s.

Fiscal cliff deal preserves key housing tax breaks. Mortgage-interest deductions are a nearly $100 billion-per-year revenue drain for the U.S. Treasury, according to syndicate real estate Observers were concerned that without the debt forgiveness tax break, homeowners would not consent to short.

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