BrokerBryant.com: Will The Debt Relief Act Be Extended For 2014?

Will The Debt Relief Act Be Extended For 2014?

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....

NAR-backed mortgage debt relief clears committee

 

 

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Comment balloon 5 commentsBryant Tutas • April 10 2014 10:16AM

Comments

BB, To me this is a no brainer.  One of the most asinine things is the concept that a person who doesn't have the money to pay their mortgage will miraculously have the money to pay taxes on a "gift" they never got.  The banks count on the homes as collateral, it's a gamble on their part and sometimes they lose.  Double penalizing a home owner just makes no sense and we shouldn't be in April still wondering if they'll extend the bill.

Posted by Liz and Bill Spear, RE/MAX Elite Warren County OH (Cincinnati/Dayton) (RE/MAX Elite 513.520.5305 www.LizTour.com) about 4 years ago

Broker Bryant

Extending the Debt Relief Act is a step in the right direction for the real estate industry.

Good luck and success.

Lou Ludwig

Posted by Lou Ludwig, Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC (Ludwig & Associates) about 4 years ago

At some point you can only wake up to realize "how much salt can we pour into the wound"? To add insult to injury and hit these borrowers again with taxes for their loss is horrible

Posted by David Shamansky, Creative, Aggressive & 560 FICO - OK, Colorado Mtg (US Mortgages - David Shamansky) about 4 years ago

It seems only fair since others have benefited from the relief over the past five or however many years!

Posted by Gary L. Waters, Broker Owner, Waters Realty of Brevard, LLC, ... a small office, delivering big service! (Waters Realty of Brevard, LLC) about 4 years ago

Although this extension Bill may appear to be a no brainer do you think the House of Representatives has shown any evidence of having brains in the past 5 years?

Posted by John Crosby (Real Property, Inc.) about 4 years ago

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