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What is the Mortgage Forgiveness Debt Relief Act of 2007?

This law allows homeowners to avoid tax liability on certain transfers including short sales. Typically, whenever a bank or other lender forgives a debt the borrower has to pay taxes on the amount forgiven. For example, if you owed the bank 50K and the bank forgave the debt you would have 50K treated as income to you by the IRS even though you didn’t actually get money. The law allows homeowners to avoid tax liability for debt forgiven as a result of short sale, foreclosure etc. It is set to expire in 2013 unless renewed.

Contact Tiller & Rivera Law P.A. today to discuss your short sale options with West Palm Beach short sale lawyer and real estate attorney.
Main Office: West Palm Beach Satellite Offices: Stuart Palm Beach Gardens Fort Lauderdale


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