New Tax Bill Provides Relief to Homeowners Struggling with Debt
A tax package unveiled last week could help some struggling homeowners get the tax relief they need.
Normal tax law imposes income taxes on any debt that is forgiven, meaning that a homeowner who is able to complete a short sale or reduce the principle on a home loan would still owe taxes on the amount they saved. Under the new bill, homeowners who short sell their homes to escape unmanageable mortgages would not have to face hefty bills at tax time thanks to an extension of a temporary provision passed by Congress which expired at the end of 2014. The bill’s language specifies that the provision will retroactively apply back to the beginning of 2015 and run through the end of next year.
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