The clock is winding down on tax breaks available to homeowners looking to escape mountainous mortgage debt through a foreclosure or short sale.
The Mortgage Debt Relief Act of 2007 will expire at the end of the year, if Congress does not take action to extend it. Without that relief, homeowners who back out of their mortgages with a short sale or foreclosure have to pay taxes on the amount that is forgiven.
The Internal Revenue Service will levying taxes on the property as if the homeowners actually received the money. The tax relief is also available when debt (up to $2 million) is reduced as a result of a mortgage being restructured. For more on the nitty-gritty details, check out this news release from the IRS.
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