“Mortgage Forgiveness Debt Relief Act of 2007” has been extended!

6 Jan

From: Charles Cox [mailto:charles@bayliving.com]
Sent: Tuesday, January 01, 2013 1:47 PM
To: Charles Cox
Subject: "Mortgage Forgiveness Debt Relief Act of 2007" has been extended!

“American Taxpayer Relief Act of 2012’’

Extends

"Mortgage Forgiveness Debt Relief Act of 2007"

H. R. 8 passed at 2:07am Eastern time on January 1, 2013. Since this wasn’t passed before midnight it retroactively extends the "Mortgage Forgiveness Debt Relief Act of 2007." The extension is through midnight December 31, 2013. The vote was 89 – 8.

I have attached a copy of H.R. 8 for you.

Here is the pertinent language from H.R. 8:

"TITLE II—INDIVIDUAL TAX EXTENDERS

SEC. 202. EXTENSION OF EXCLUSION FROM GROSS INCOME OF DISCHARGE OF QUALIFIED PRINCIPAL RESIDENCE INDEBTEDNESS.

(a) IN GENERAL.—Subparagraph (E) of section 108(a)(1) is amended by striking ‘‘January 1, 2013’’ and inserting ‘‘January 1, 2014’’.

(b) EFFECTIVE DATE.—The amendment made by this section shall apply to indebtedness discharged after December 31, 2012."

2013-01-01, American Taxpayer Relief Act of 2012.pdf

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: