Bank of America informed the real estate agent community that Congress has extended the certain provisions of the Mortgage Forgiveness Debt Relief Act through the American Taxpayer Relief Act of 2012 until December 31, 2013. This act benefits qualified homeowners who may have otherwise owed taxes on forgiven debt after going through a short sale.
Homeowners will continue to receive their 1099-C forms. Homeowners should always consult their tax advisor so they can evaluate their personal situation and understand their tax payments.
Our firm is dedicated to helping clients file bankruptcy, obtain loan modifications, and helping clients get a fresh start. For more information on what First Source Law can do for you, please fill out our free evaluations for bankruptcy and loan modifications.
This post was written by Gina Berg
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