Lake Ray Hubbard Life

What is this Mortgage Forgiveness Debt Relief Act Extension All About?

Mortgage Forgiveness Debt Relief Act has officially been EXTENDED to January 1, 2014! ... What does this really mean though???


This is great news for those Home Owners who unfortunately have to do a Short Sale or Foreclosure! Why you ask?  Well, to put it simply, if a homeowner sells their home via Short Sale/Foreclosure for $50,000 but they still owe $100,000 on their Mortgage Note. The Bank has "forgiven" the homeowner the remaining $50,000. The homeowner should have to pay TAX on that waived $50,000 but because of the Mortgage Forgiveness Debt Relief Act of 2007, the homeowner is not taxed on that "forgiven" money and it's not considered as Income.  

The National Association of Realtors (NAR) said in it's plea to the House and the Senate, "Homeowners shouldn't be forced to pay a tax on money they've already lost with cash they never received." You see, when any debt is "forgiven" or written off, whether it's by a company, a landlord, ect, and a Tax Form is filled out noting this "forgiveness", the Federal Government counts that forgiven amount as INCOME ... which in turn the individual has to claim it on their Federal Income Taxes and pay TAX on it. Soooo with the extension of the Mortgage Forgiveness Debt Relief Act, homeowners who are struggling will have another year to take advantage of not being TAXED on their Mortgage Debt Forgiveness the bank gave them!

To see if you qualify, talk to your tax adviser and go to http://www.irs.gov/Individuals/The-Mortgage-Forgiveness-Debt-Relief-Act-and-Debt-Cancellation-  

In addition, homeowners who made less than $110,000 in 2012 and/or 2013, can deduct their Private Mortgage Insurance (PMI) from their Income Taxes. Again, talk to your tax adviser to see if you qualify.  


Let me know if I can help you or help your friends/family that you refer to me, please know that I am never too busy & I would honor the chance to earn the business!

 

Samantha Smith

Sam I Am

REALTOR - d+b Real Estate

sam@SamIamHouses.com

214-422-0729 Cell

972-852-9713 Fax

 

www.SamIAmHouses.com

www.Facebook.com/SamIAmHouses


www.lakerayhubbardlife.com 
www.Facebook.com/LakeRayHubbardLife 

Comment balloon 0 commentsSamantha Smith • January 07 2013 08:23AM
What is this Mortgage Forgiveness Debt Relief Act Extension All About?
share
Mortgage Forgiveness Debt Relief Act has officially been EXTENDED to January 1, 2014!.. What does this really mean though??? This is great news for those Home Owners who unfortunately have to do a Short Sale or Foreclosure! Why you ask? Well, to… more
DART Blue Line Extension Grand Opening!!!
share
It's time to DART to your new neighborhood!!! That's right, the DART Light Rail Blue Line Extension which connects to Downtown Garland, is set to open on Monday, December 3rd.. and Rowlett is throwing a big celebration for the DART Blue Line.. more
Tax Free Shopping Weekend 2012 is here Dallas Texas
share
That's right.. there is NO Sales Tax my fellow Dallas Texans on a good number of items this weekend, Aug 17th-19th This "shopping holiday" comes just in time for most Dallas/Ft Worth families as a majority of… more
Which Size Fish You Want to Be in the Lake Ray Hubbard Housing Market
share
Homes For Sale in the under $150, 000 category has slim pickins' in the Lake Ray Hubbard area! If you're considering Selling your Lake Ray Hubbard Home, now is a great time since the inventory is so low! It's much better to be a BIG… more
4 Must Do's When Selling Your Home in the Lake Ray Hubbard Dallas Area
share
SELL YOUR LAKE RAY HUBBARD DALLAS AREA HOME.. NOW WHAT!!? So you've decided to Sell your Lake Ray Hubbard Dallas area home & are at a loss at what your next step is. The 1st thing you need to do is Find yourself a Realtor As… more
2010 Fireworks around Lake Ray Hubbard
share
Woo.. When did it become July??? It seriously seems like yesterday we were wishing each other Happy New Year! Well like New Year's, it's time to Celebrate with Fireworks!!! SOOoOOO where can you go around Lake Ray Hubbard to see… more
Family FUN Fridays in Rockwall TX
share
We’ve all heard about the Thursday FREE Concerts at the Harbor in Rockwall … BUT … have you heard about the FREE FAMILY FUN FRIDAYS!? Back by popular demand, the Rockwall Parks & Recreation team will host an outdoor movie at a… more
Summer Activities in Rowlett Tx, Lake Ray Hubbard Fun
share
The City of Rowlett has another amazing Summer lineup of Children/Toddler Programs! In addition to the different Story Times at the library, there will also be events every Tuesday & Thursday this summer that will entertain the whole family… more
Summer Movies Fun with Cinemark at the Rockwall Harbor
share
Looking for something to do with your kiddos during the summer?! CINEMARK Movie Theatre at the Rockwall Harbor on Lake Ray Hubbard has a great deal that you just can't beat! For 10 weeks starting June 5th they'll show a movie for just.. more
Rockwall Concert by the Lake, 2012 Schedule
share
Woo Hoo … the Summer Thursday Concerts at the Rockwall Harbor Amphitheater on Lake Ray Hubbard are back!! If you haven't been before, I highly recommend going! They're awesome Family Friendly & FREE events and nothing… more