U.S. Senate Bill Would Extend Mortgage Tax Break

June 19, 2013
Las Vegas Review-Journal 
mortgage lending news

Sens. Dean Heller (R-Nev.) and Debbie Stabenow (D-Mich.) on June 19 introduced legislation to prevent the Mortgage Forgiveness Tax Relief Act from expiring as scheduled at the end of this year. The law, created in 2007, waives taxes on home loan debt that is erased through a mortgage workout or property short sale; the IRS previously had categorized loan forgiveness as taxable income. Under the Heller-Stabenow proposal, the tax break would be extended through 2015.
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