Want a mortgage tax forgiveness extension? Act now

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Right now, to claim the exemption offered by the Act, a taxpayer must file two long and complex forms: a long-form 1040 and a Form 982. Many taxpayers either don’t understand this requirement or can’t get the assistance they need to fill out the forms. If the Act treated all mortgage debt equally, the IRS could simplify this process significantly

 · Under the tax extension bill, cancellation of mortgage debt on a principal residence of up to $2 million ($1 million for a married taxpayer filing separately) is excluded from income for 2016. This includes foreclosures, short sales, or loan modifications.

 · Extension of mortgage debt forgiveness tax relief through 2016 (Larson is an original cosponsor of H.R. 1002 – The Mortgage Forgiveness Tax Relief Act of 2015) Permanent Extension of the 9-percent minimum credit rate for the low-income housing tax credit (LIHTC) (Larson is an original cosponsor of H.R. 1142) SIMPLE IRA improvements (Larson is the lead Democratic cosponsor of.

 · ¿We shouldn¿t be offering up millions in tax breaks to oil and gas companies, while leaving working families, still struggling to recover from the recession, with a bigger tax bill.¿

That is precisely the issue now. the mortgage debt relief extension appeared to be moving ahead in the Senate. In a bipartisan vote, the Finance Committee approved what became known as the EXPIRE.

Big Short Trailer #2 Has Pitt, Gosling & Bale Taking on the Banks To wit, this is the first trailer for The Big Short, which is based on Michael Lewis’s book about the 2005 housing bubble and those who benefited from it. It stars Brad Pitt, Steve Carell, Melissa Leo.

The Debt Relief Act Extension And Debt Cancellation Only our government could create a program with this long of a name, but in its defense, the Mortgage Forgiveness Debt Relief Act has been a major contributor to the housing market recovery that is ongoing throughout most of the United States.

Mortgage Forgiveness. For purposes of the exclusion, qualified principal residence indebtedness is acquisition indebtedness (to buy, build or improve the residence) up to $2 million ($1 million for Married Filing Separately). The home must be owned and used as.

But a law known as the Mortgage Forgiveness Debt Relief Act saved such homeowners from the tax burden. Last year, Congress rushed to extend the law during negotiations about the fiscal cliff but only.

Homeowners who had short sales in 2014 may not be facing massive tax. a mortgage debt forgiveness of $8.1 billion total in the first three quarters of 2014 alone. But now that the House passed an.