Comments on: Mortgage Forgiveness Debt Relief Act Extended for 2017 http://ctlms.myproptrackr.com/2018/02/10/mortgage-forgiveness-debt-relief-act-extended-for-2017/ Pre-Foreclosure and Short Sale Solutions Tue, 02 Apr 2019 18:58:34 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: Margie http://ctlms.myproptrackr.com/2018/02/10/mortgage-forgiveness-debt-relief-act-extended-for-2017/comment-page-1/#comment-44080 Margie Wed, 11 Apr 2018 14:30:45 +0000 https://ctlms.myproptrackr.com/?p=819#comment-44080 Hi, yes it is true. I have been so stressed about this and was told by my accountant on Monday that it was extended. Good luck to you! Hi, yes it is true. I have been so stressed about this and was told by my accountant on Monday that it was extended. Good luck to you!

]]> By: cisco150 http://ctlms.myproptrackr.com/2018/02/10/mortgage-forgiveness-debt-relief-act-extended-for-2017/comment-page-1/#comment-43845 cisco150 Sat, 03 Mar 2018 19:17:48 +0000 https://ctlms.myproptrackr.com/?p=819#comment-43845 I found this on IRS site, dont know why there not letting people know this and the ones that filed already are in a tight spot good luck. Not a lot of talk about this. This can make you or break you this tax season. https://www.irs.gov/newsroom/three-popular-tax-benefits-retroactively-renewed-for-2017-irs-ready-to-accept-returns-claiming-these-benefits-e-file-for-fastest-refunds I found this on IRS site, dont know why there not letting people know this and the ones that filed already are in a tight spot good luck. Not a lot of talk about this. This can make you or break you this tax season.

https://www.irs.gov/newsroom/three-popular-tax-benefits-retroactively-renewed-for-2017-irs-ready-to-accept-returns-claiming-these-benefits-e-file-for-fastest-refunds

]]> By: cisco150 http://ctlms.myproptrackr.com/2018/02/10/mortgage-forgiveness-debt-relief-act-extended-for-2017/comment-page-1/#comment-43832 cisco150 Sat, 03 Mar 2018 02:47:48 +0000 https://ctlms.myproptrackr.com/?p=819#comment-43832 I hope this is true im losing my mind i sold my home in a short sale on 02-17-2017 and miss the deadline for 2 months I hope this is true im losing my mind i sold my home in a short sale on 02-17-2017 and miss the deadline for 2 months

]]> By: GMK http://ctlms.myproptrackr.com/2018/02/10/mortgage-forgiveness-debt-relief-act-extended-for-2017/comment-page-1/#comment-43709 GMK Wed, 21 Feb 2018 06:30:41 +0000 https://ctlms.myproptrackr.com/?p=819#comment-43709 No news from the IRS yet so my tax return is still in limbo. No news from the IRS yet so my tax return is still in limbo.

]]> By: ctlms http://ctlms.myproptrackr.com/2018/02/10/mortgage-forgiveness-debt-relief-act-extended-for-2017/comment-page-1/#comment-43670 ctlms Sun, 18 Feb 2018 18:52:16 +0000 https://ctlms.myproptrackr.com/?p=819#comment-43670 I would suggest confirming that one with a tax professional. But I believe that any incentive allowed to the seller by the bank, just adds to the deficiency balance which is forgiven and reported on the 1099C. I would suggest confirming that one with a tax professional. But I believe that any incentive allowed to the seller by the bank, just adds to the deficiency balance which is forgiven and reported on the 1099C.

]]> By: ctlms http://ctlms.myproptrackr.com/2018/02/10/mortgage-forgiveness-debt-relief-act-extended-for-2017/comment-page-1/#comment-43669 ctlms Sun, 18 Feb 2018 18:50:46 +0000 https://ctlms.myproptrackr.com/?p=819#comment-43669 Yes, Congress made the IRS's job very difficult when they extended this after tax season had already started. Yes, Congress made the IRS's job very difficult when they extended this after tax season had already started.

]]> By: ctlms http://ctlms.myproptrackr.com/2018/02/10/mortgage-forgiveness-debt-relief-act-extended-for-2017/comment-page-1/#comment-43668 ctlms Sun, 18 Feb 2018 18:49:30 +0000 https://ctlms.myproptrackr.com/?p=819#comment-43668 It is getting less and less likely that it keeps getting renewed. The last 3 times it was extended, it was done after it had already expired. So this year it might not get extended again. We just never know and that part is very frustrating. It leaves a lot of uncertainty for people with enough stress already. It is getting less and less likely that it keeps getting renewed. The last 3 times it was extended, it was done after it had already expired. So this year it might not get extended again. We just never know and that part is very frustrating. It leaves a lot of uncertainty for people with enough stress already.

]]> By: GMK http://ctlms.myproptrackr.com/2018/02/10/mortgage-forgiveness-debt-relief-act-extended-for-2017/comment-page-1/#comment-43658 GMK Sun, 18 Feb 2018 06:42:14 +0000 https://ctlms.myproptrackr.com/?p=819#comment-43658 In the Forbes article I just read about the 2018 budget, which was already signed into law by the President, they simply scratched out January 1, 2017 with January 1, 2018 to effectively extend this. But the IRS has not made any changes on their end yet. I'm sitting here waiting patiently. If you do a short sale or are in a foreclosure in 2018, I think you'll be out of luck - I don't see this going on year after year, unless they just make it permanent. In the Forbes article I just read about the 2018 budget, which was already signed into law by the President, they simply scratched out January 1, 2017 with January 1, 2018 to effectively extend this. But the IRS has not made any changes on their end yet. I'm sitting here waiting patiently.

If you do a short sale or are in a foreclosure in 2018, I think you'll be out of luck - I don't see this going on year after year, unless they just make it permanent.

]]> By: Vincent http://ctlms.myproptrackr.com/2018/02/10/mortgage-forgiveness-debt-relief-act-extended-for-2017/comment-page-1/#comment-43653 Vincent Sun, 18 Feb 2018 02:58:35 +0000 https://ctlms.myproptrackr.com/?p=819#comment-43653 Your blog is the ONLY place I've found this mentioned. Your IRS link doesn't have the updated information, but I did find it in the bill that was passed. Link here: https://www.congress.gov/bill/115th-congress/house-bill/1892/text#toc-H418A9EDBCCA64DE7B5B9827C4973A1EA Very relieved, that was going to be a massive and unexpected tax bill. Now to wait for the IRS to update their forms. Your blog is the ONLY place I've found this mentioned. Your IRS link doesn't have the updated information, but I did find it in the bill that was passed. Link here: https://www.congress.gov/bill/115th-congress/house-bill/1892/text#toc-H418A9EDBCCA64DE7B5B9827C4973A1EA Very relieved, that was going to be a massive and unexpected tax bill. Now to wait for the IRS to update their forms.

]]> By: Debi http://ctlms.myproptrackr.com/2018/02/10/mortgage-forgiveness-debt-relief-act-extended-for-2017/comment-page-1/#comment-43645 Debi Sat, 17 Feb 2018 20:58:40 +0000 https://ctlms.myproptrackr.com/?p=819#comment-43645 I’m assuming any incentive given from the bank before turnover will also not be subject to tax? I’m assuming any incentive given from the bank before turnover will also not be subject to tax?

]]>