Sentences with phrase «forgiveness on their principal residence»

Not exact matches

Loan forgiveness is considered a source of income under tax rules, but the Mortgage Forgiveness Debt Relief Act allows taxpayers to exclude income from discharge of debt on their principalforgiveness is considered a source of income under tax rules, but the Mortgage Forgiveness Debt Relief Act allows taxpayers to exclude income from discharge of debt on their principalForgiveness Debt Relief Act allows taxpayers to exclude income from discharge of debt on their principal residence.

The Mortgage Forgiveness Act of 2007 allows you to exclude up to $ 2 million of debt forgiven on your principal residence.

But under the Mortgage Forgiveness Debt Relief Act of 2007, taxpayers are allowed to exclude debt forgiven on their principal residence if the balance of their loan was less than $ 2 million.

NAR continues to push for a renewal of the Mortgage Debt Forgiveness Tax Relief Act, which expired at the end of 2014 and waives income tax on mortgage debt forgiven in a short sale or a workout for principal residences.