SHORT SALE TIP
The Mortgage Forgiveness Debt Relief Act
If I sold my home at a loss and the remaining loan is forgiven,
does this constitute a cancellation of debt?
Does the Mortgage Forgiveness Debt Relief Act apply
to debt incurred to refinance a home?
Do you want answers to these types of questions?
The IRS speaks here.
Our next Short Sale Tip will address how California is handling this issue.
As always, we recommend that you consult with your accountant or attorney
to obtain advice as to how the information presented by the IRS will impact you.
