Senators Press for Tax Relief on Principal Reductions, Short Sales ...

Senators Press for Tax Relief on Principal Reductions, Short Sales
By Jon Prior, HousingWire

A group of senators are pressing Majority Leader Harry Reid, D-Nev., to allow a vote on a package of tax relief extensions set to expire this year, including one involving mortgage principal forgiven in loan modification or short sale.

Homeowners who receive a principal reduction or a short sale next year will be required to pay taxes on the debt forgiven if Congress does not extend the Mortgage Debt Relief Act of 2007. The law expires Dec. 31. Up to $2 million of reduced debt can be excluded from taxable income under an extender package to be introduced in the Senate early next week.

The Senate Finance Committee passed the Family and Business Tax Cut Certainty Act, which would extend the tax relief through 2013, by a 19-5 bipartisan vote earlier in the month. (Read a summary of the bill here).

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Source: http://www.homerescueplans.com/2012/08/25/senators-press-for-tax-relief-on-principal-reductions-short-sales/

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