President Bush signed the Mortgage Forgiveness Debt Relief Act of 2007 (H.R. 3648) last week. I have been off the computer for a few days, relaxing with family and friends, so I know this is not breaking news. I’m glad this bill is now law.
Also I want to take this time to wish all my readers a wonderful Christmas and a very happy New Year 2008.
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First-Time Home Buyer Tax Credit Website
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on Dec 24th, 2007 at 2:08 pm
Merry Christmas Shailesh (and Aimee)!
on Jan 14th, 2008 at 2:12 pm
Question:
I am upside down in my home, my wife left and the job is on the way out too. I have an 80/20 loan. If I foreclose, what liability would I assume on either debt and the tax implications.
Thanks
on Jan 16th, 2008 at 9:56 am
Rick,
Sorry to hear of your situation. The liability and tax implications are dependent on the state you reside in and other factors. Please consult a tax expert to determine what your share will be.
I am not an expert on these matters and don’t feel I am qualified to answer your questions. Thanks for stopping by and taking the time to submit a comment.
on Feb 2nd, 2008 at 8:13 am
[...] homes do not qualify for the mortgage forgiveness tax benefit President Bush signed late last year. Only primary residences under $2million qualify. IRS section 121 defines what constitutes a [...]
on Dec 10th, 2008 at 7:57 pm
[...] Federal government has been very busy this past year and half or so enacting all kinds of legislation. Many changes have been made to mortgage finance tax law. So many that it can be hard to keep [...]