Mortgage Forgiveness Debt Relief Act of 2007 - Loan Modification Forum

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Mortgage Forgiveness Debt Relief Act of 2007

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Deed in Lieu of Foreclosure - Do You Need Help to Walk Away? Need Help with a deed in lieu of foreclosure AKA Take this Home & Shove It! You are not alone. We thought we would add this section to the forum to assist the homeowners that have made the tough decision to walk away from their homes. This is America and you have the right to walk away from contracts and your home. The question is what implications will you suffer for saying, "Take this home and shove it, I aint paying you no more!" Find out the good, the bad and the ugly.

This is a discussion on Mortgage Forgiveness Debt Relief Act of 2007 within the Deed in Lieu of Foreclosure - Do You Need Help to Walk Away? forums, part of the Stop Foreclosure and Tell Us Your Story category; Hello there, Can someone explain section "Qualified Real property business indebtedness" section on IRS publication 4681 on page # 8? ...

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02-17-2009, 05:38 PM	#1 (permalink)
Anbrifer Member Join Date: Feb 2009 Posts: 6 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Mortgage Forgiveness Debt Relief Act of 2007 Hello there, Can someone explain section "Qualified Real property business indebtedness" section on IRS publication 4681 on page # 8? Here is the link to the document http://www.irs.gov/pub/irs-pdf/p4681.pdf Does this apply to rental property? I contacted a tax lawyer, he mentioned that the law is gray in regards to debt cancellation on rental property, has someone have any experience on this? Please advice. I am thinking on short selling a rental house in California but I do not know if I can apply sometime that I used it as primary residence to relief tax payments on any debt cancellation I may incur. Thanks - Anbrifer

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