Mortgage Debt Relief Act Extended

As of last night, the United States Senate and House have passed the 2013 American Tax Payer Relief Act. In section 202, the bill calls for the Mortgage Debt Relief Act to be extended until 1/1/2014.


This is fantastic news for any homeowner who is underwater and needs to sell a property, but was worried about the tax implications of a cancelled debt. Information about the Mortgage Debt Forgiveness Act can be found on Click This Link:

http://www.irs.gov/Individuals/The-Mortgage-Forgiveness-Debt-Relief-Act-and-Debt-Cancellation

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