The Mortgage Forgiveness Debt Relief Act of 2007 excludes canceled debts on your personal residence from being classified as income.This special, limited exception was extended
Month: March 2010
The difference has huge tax implications. Discharged debt is not taxed as income to you – BUT canceled debt is treated as income and taxed.
The new law Congress passed to slow down bankruptcy filings is not working. All the new law does is impose unnecessary cost burdens on you.