Well that's a good question. According to the article below it sounds like they are working on it. I believe that being taxed on a canceled mortgage debt is really placing an undue hardship on folks who are already struggling.
Give struggling homeowners the relief they need so we can all just move forward.
This is a very important issue for folks trying to avoid a foreclosure by doing a Short Sale.
You should always seek competent real estate, legal and tax advice before deciding to move forward with s Short Sale. So contact an experienced Orlando Florida Short Sale Specialist. That would be me :)
Even without this relief being extended you may still be able to avoid taxes on the cancelled debt.
Here's additional information from the IRS Canceled Debt – Is It Taxable or Not?
ARTICLE below from © 2014 Florida Realtors®
WASHINGTON – April 4, 2014 – The Senate Finance Committee passed a two-year retroactive extension of tax relief for households who’ve had mortgage debt forgiven by a lender as part of a short sale or loan modification. While it’s only a small step, it moves the bill closer to full consideration by the Senate.
“We applaud the Senate Finance Committee for approving a bipartisan compromise bill today,” National Association of Realtors® (NAR) President Steve Brown says. The legislation still needs to be passed by the full Senate and also by the House before moving on for President Obama’s signature or veto.
Go to article....
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