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i have a tax question regarding the The Mortgage Debt Relief

Customer Question
i have a tax question...
i have a tax question regarding the
The Mortgage Debt Relief Act of 2007
i owe 410k on my house. the bank has made me an offer if i can obtain 3rd party financing to pay of the loan amount at 180k. its called a short refi. They will be issuing a 1099c for the difference. My question is, will the Debit relief act apply here to me?
Submitted: 7 years ago.Category: Tax
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Answered in 4 minutes by:
8/3/2010
Tax Professional: Merlo, Accountant replied 7 years ago
Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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Hello gkracer,

 

The Mortgage Debt Relief Act of 2007 generally allows 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, qualifies for the relief. Your situation would be considered mortgage restructuring and would qualify for the relief.

 

If this was helpful please press the Accept button. It is the only way we receive any credit for helping with these questions.

 

Thank you gkracer

 

 

 

Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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