Will the Mortgage Debt Relief Act Get Extended – Gainesville
Will the Mortgage Debt Relief Act Get Extended – Gainesville Florida – The mortgage debt relief act is due to expire at the end of 2012. With it will go the relief distressed homeowners currently receive when they short sale their Gainesville home.
Under the The Mortgage Debt Relief Act a Gainesville homeowner has the ability to exclude income from the discharge of debt on their principal residence. This would be the difference of the amount owed on their mortgage to what the home sold for. For example, if the mortgage was $200,000 and the sale price was $150,000 the homeowner would receive a 1099 for $50,000 difference in the sale price to the amount owed.
This 1099 would be considered as income on the Gainesville homeowners’ taxes. If Congress does not pass this bill extension then this debt will be taxed as regular income.
As homeowners struggle to make ends meet, this could prove as continued relief while the housing crisis continues to struggle to correct itself. If the Mortgage Debt Relief Act does not get extended it will have a profound financial affect on owners who are already currently struggling to stay above water.
Write and encourage your congressman to pass this bill. Florida homeowners are not out of the water yet.
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Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.
Please seek legal advice. This information is for informational purposes only.
Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents