As the year draws to a close, so, too, are a number of tax provisions for individuals. One of the most talked about is the Mortgage Forgiveness Debt Relief Act, which is set to expire in a few days. The provision allows taxpayers to exclude forgiven or canceled debt from a short sale, foreclosure or other mortgage relief, from taxable income. Will Congress tack on another year or just let the Act expire?
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Ask The Taxgirl: Cancellation Of “Debt”
Taxpayer asks: Two years ago, I gave my son a considerable amount of money so that he could finish graduate school without having to take
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Foreclosures, Debt Forgiveness and Mortgage Losses Explained
There’s a lot of good discussion on the Fix the Tax Code Friday comments thread about debt cancellation and mortgage debt cancellation relief. I started
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