New Law Extends Mortgage Forgivenes​s Debt Relief Act

American taxpayer relief act of 2012 New U.S. Law signed by the President on January 1, 2013 extends certain provisions of the Mortgage Forgiveness Debt Relief Act through the U.S. American Taxpayer Relief Act of 2012 until December 31, 2013.

This Mortgage Forgiveness debt relief act of 2007 had benefited 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 and should consult with the IRS and their tax adviser and evaluate personal situation and understand their tax payment obligations.

For review of other key provisions of this new law – U.S. American Taxpayer Relief Act of 2012 – click here.

This is for information only and is not the providing of legal or income tax services. Each person should contact their own income tax professional to determine tax situation responsibility.
Harrison K. Long – real estate and business solutions – REALTOR® and broker associate, GRI – Coldwell Banker Residential Brokerage – 949-701-2515 (phone) – – CA DRE 01410855 – SFR short sale and foreclosure resource certified by the National Association of REALTORs® – now serving as an appointed director at California Association of Realtors – attorney member of the California state bar association #69137

CB previews logo


Professional REALTOR® agent representation – help for property owners, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, income tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Orange County, CA.

About Harrison K. Long

Professional real estate representative, Realtor, Broker associate, Evergreen Realty HomeSmart, Irvine and Orange County, CA. Real estate broker, CALBRE #01410855. Providing value and helping property owners, real estate investors, trustees, executors and administrators, fiduciaries, bankers, investor group managers, with listing and sale of properties and best decisions about homes and real estate - Orange County Association of REALTORs, member and prior service on board of directors from 2012-2014; California Association of Realtors, member and now serving on its board of directors; National Association of Realtors - Also an attorney member of the California State Bar Association #69137 - Contact by telephone or text at 949-701-2515.
This entry was posted in Real estate laws, REALTOR®, Taxes and real estate and tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , . Bookmark the permalink.

Leave a Reply