Will Congress extend the Mortgage Forgiveness and Debt Relief Act? In 2007 it passed the Mortgage Forgiveness and Debt Relief Act. The idea of this legislation was to protect people who had lost their homes against claims of unpaid income taxes.

Obviously, the mortgage forgiveness debt relief Act of 2007 has been extended time and time again, if the name of the bill is any indication. But if the real estate market shapes up this year, an extension next year might not be a sure thing. That said, homeowners who are in need of a loan.

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It allowed taxpayers to avoid income taxes on unpaid mortgage debt, including debt reduced through short sale, mortgage modification or foreclosure. The original Act had been extended through 2016, but it is unclear whether a Trump presidency or Republican-controlled Congress will seek to extend this homeowner protection.

1. Mortgage Forgiveness Debt Act Extended Through 2017. The mortgage debt forgiveness Act was set to expire at the end of 2015, which would have meant any mortgage forgiveness through a short sale would have counted as income for homeowners. The extension means you can still qualify for tax relief if you gave up your home in a short sale, foreclosure, or deed in lieu or had a loan modification in 2016..

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What Led to the Mortgage Forgiveness Debt Relief Act? When the housing bubble burst in 2006, many homeowners were left owing more on their If it is not extended, only those taxpayers who are insolvent or bankrupt would be able to exclude these types of debt cancellation from their income.

Under the Mortgage Forgiveness Debt Relief Act, if your mortgage lender forgives or cancels all or part of your mortgage debt-for example, as part of a loan modification or after a foreclosure or short sale-you won’t have to pay income tax on the forgiven amount.

Here are seven freshly extended tax breaks that will save individual. No tax for canceled debt on a primary residence. Before the Mortgage Forgiveness Debt Relief Act of 2007, Americans who lost.

If the forgiven mortgage debt was reduced or cancelled at least $600, it is subject to taxation under the law, and you most likely will receive from your See the federal law mortgage forgiveness debt Relief Act and Debt Cancellation for more information. You may obtain copies of IRS publications.