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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
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Experience:  15years with H & R Block. Divisional leader, Instructor
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Was the Mortgage Forgiveness Debt Relief Act of 2007 ever

Customer Question

Was the Mortgage Forgiveness Debt Relief Act of 2007 ever renewed?
Submitted: 1 year ago.
Category: Tax
Expert:  Robin D. replied 1 year ago.

Hello,

If was referred to the House Committee on Ways and Means 02/13/2015.

It is not showing as having moved further yet.

If you wish to keep track of the progress you can periodically check directly on the congress.gov site here

https://www.congress.gov/bill/114th-congress/house-bill/1002

It is meant to Amend the Internal Revenue Code to extend through 2016 the exclusion from gross income of income attributable to the discharge of indebtedness on a principal residence.

The Mortgage Forgiveness Debt Relief Act of 2007 generally allowed taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualify for this relief.

The provision applied to debt forgiven in calendar years 2007 through 2014.

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