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Under the act, taxpayers were able to exclude up to $2 million in debt forgiveness, whether through foreclosure, short sale, or some sort of mortgage modification. The key stipulation: The waiver had to be made on the taxpayer’s qualified principal residence. Second homes and vacation homes did not qualify.
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This most recent bill passing by Congress now allows for homeowners to claim the income exclusion on their 2015 and 2016 tax returns (assuming the 1099-C is issued for 2015 or 2016). Tax year 2017 is currently without any extension of the mortgage debt income exclusion-look for that decision to be before Congress in December 2017.
Mortgage Forgiveness or Canceled Debt Relief. Important: The Mortgage Debt Relief Act of 2007 allowed you to exclude from income any debt forgiven on your primary home, but the Act expired at the end of 2013. Any debt that is forgiven in 2014 or later is taxable income. However, the information below can be used for 2007-2013 Tax Returns.
People who have lost their homes through foreclosure or who have restructured their mortgage loans might qualify for tax relief under the Mortgage Forgiveness Debt Relief Act, but only for a limited time. First enacted in 2007, the Act was extended through 2016 and was set to expire or "sunset" on January 1, 2017.
While this doesn’t come as much of a surprise, the vanishing act of these tax breaks. a retroactive extension of the debt forgiveness provision, much of the homeowner relief program will be in.
The proposed Tax Extender Act of 2017 is supposed to deal with the problem. If passed, this legislation will extend mortgage debt forgiveness through 2019. It does not appear that Congress has.
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Enter the 2007 mortgage debt Relief Act, which was recently extended to. of foreclosure If you are looking for mortgage forgiveness, you now have less than 12 months to take advantage of this tax.
Harney pointed out that this important tax break will expire at the end of 2012 — and, because of opposition from conservative members of Congress, might not be renewed. The Mortgage Forgiveness Debt.