Mortgage Debt Forgiveness Tax Relief: Basic Facts
Mar 9th, 2011 | By Manager | Category: Legal Notes, st paul tax lawyers, tax lawyers Rochester mnNormally, debt forgiveness results in taxable income. However, under the Mortgage Forgiveness Debt Relief Act of 2007, you may be able to exclude up to $2 million of debt forgiven on your principal residence during tax years 2007 through 2012. The limit is $1 million for a married person filing a separate return. You may [...]