Sentences with phrase «forgiveness on your primary residence»
There are exceptions for debt forgiveness on your primary residence, but personal loans do not fall in this category.
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Under the Mortgage Forgiveness Debt Relief Act of 2007, borrowers are exempt from taxes on forgiven mortgage debt (short sales, foreclosures or loan modifications) up to $ 2 million on a primary residence.
With the The Mortgage Forgiveness Debt Relief Act you may not have to pay any taxes on the forgiven amount shown on your 1099 after the short sale of your primary residence.
Under certain circumstances, forgiveness of debt on a primary residence is not a taxable event with the IRS.
With the The Mortgage Forgiveness Debt Relief Act you may not have to pay any taxes on the forgiven amount shown on your 1099 after the short sale of your primary residence.