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Roger, Lawyer
Category: Real Estate Law
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With a foreclosure or deed in leau, are there any forseeable

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With a foreclosure or deed in leau, are there any forseeable problems with the IRS?

Kirk Adams : Hi -
Kirk Adams : Not if you get this done by the end of the year. The Mortgage Forgiveness Debt Relief Act allows a person to avoid paying taxes on any discharged debt associated with his/her primary residence. However, this act expires on 12/31/12 - - unless the program is extended before the end of the year. Here's a link to the IRS's website that discusses the law:
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