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Extension of 2014 Mortgage Tax Relief

Discussion in 'Ask the Attorneys?' started by LovingOcwen, Dec 2, 2013.

  1. LovingOcwen

    LovingOcwen LoanSafe Member

    I am just curious to know what is your opinion on the gov't extending the Mortage Tax Relief Act?

    IMO- I think if it is not extended, everything that is being done with the modifications, principal reductions, etc is all in vain. The housing market is suppose to be getting better with all the modifications. However, if the Mortgage Tax Relief is not extended, homeowners will start to walk away from their homes because those are very large tax bills that the average homeowner CANNOT afford to pay! What do you think would happen?
  2. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    Hello LovingOcwen,

    I concur, it's crucial that the Mortgage Forgiveness Debt Relief Act is extended AT LEAST for another year while the housing market continues to recover. If it is not extended, like you mentioned anyone who receives a principal reduction may be subject to a large tax bill and will face another hurdle they must overcome. We are uncertain when and if this will happen, but here are the bills that would do so:

    H.R. 2788: Mortgage Forgiveness Tax Relief Act

    Introduced: Jul 23, 2013

    Sponsor: Rep. Joseph Heck [R-NV3]

    Status: Referred to Committee

    Mortgage Forgiveness Tax Relief Act - Amends the Internal Revenue Code to extend through 2015 the exclusion from gross income of income attributable to the discharge of indebtedness on a principal residence.



    H.R. 2994: Mortgage Forgiveness Tax Relief Act of 2013

    Introduced: Aug 02, 2013

    Sponsor: Rep. Tom Reed II [R-NY23]

    Status: Referred to Committee

    Status: This bill was assigned to a congressional committee on August 2, 2013, which will consider it before possibly sending it on to the House or Senate as a whole.

    Mortgage Forgiveness Tax Relief Act of 2013 - Amends the Internal Revenue Code to extend through 2014 the exclusion from gross income of income attributable to the discharge of indebtedness on a principal residence.

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