In our opinion, one of the only good things to come out of the fiscal cliff negotiations is an extension of the Mortgage Forgiveness Debt Relief Act. As this article accurately describes, extension means that most homeowners will continue to be exempt from paying federal income tax on debt forgiven by lenders through foreclosure, short sale or loan modification.
There remains little to like about this fiscal cliff deal, but not further burdening homeowners who are struggling with mortgage debt is something.
Kevin Fallon McCarthy
Latest posts by Kevin Fallon McCarthy (see all)
- Different Ways to Get Out of Debt - January 22, 2019
- Public Servants’ Second Chance at Federal Student Loan Forgiveness - April 10, 2018
- CREDIT CARD LOSS FOR SMALL BANKS AT AN EIGHT YEAR HIGH - March 22, 2018
- Rise of the Jumbo Student Loans - March 17, 2018
- Credit Card Market: Now and Then - February 23, 2018