Posted on: 16th Sep, 2009 12:51 pm
I have unfortunatly had to file for a deed in lieu of Forclosure. My question is: I see on this website that a tax forgivness is in effect until 2009 I have not yet signed paperwork it may not occure until in the new year of 2010 does that apply then also? If I receive a tax refund would it be in jeopardy of being garnished? I understand a 1099 is involved would a tax preparer know that I have filed a deed in lieu?
Regards
Brenda
Regards
Brenda
Obama has extended it till 2012
Welcome scotty,
I agree with unclebuck that the Mortgage Debt Relief Act has been extended till 2012. According to this act, the debts forgiven in between 2007 to 2012 will not be considered as taxable. So, I think you would be able to take advantages of this act.
I agree with unclebuck that the Mortgage Debt Relief Act has been extended till 2012. According to this act, the debts forgiven in between 2007 to 2012 will not be considered as taxable. So, I think you would be able to take advantages of this act.
Thank you both for the information glad to hear it. :)
Scotty
Scotty