We all hope the Mortgage Forgiveness Debt Relief Act will be extended at least one more year, but we are uncertain when and if this will happen; here are the bills that would cause this act to be extended:
H.R. 2788: Mortgage Forgiveness Tax Relief Act
Introduced: Jul 23, 2013
Sponsor: Rep. Joseph Heck [R-NV3]
Status: Referred to Committee
Mortgage Forgiveness Tax Relief Act – Amends the Internal Revenue Code to extend through 2015 the exclusion from gross income of income attributable to the discharge of indebtedness on a principal residence.
H.R. 2994: Mortgage Forgiveness Tax Relief Act of 2013
Introduced: Aug 02, 2013
Sponsor: Rep. Tom Reed II [R-NY23]
Status: Referred to Committee
Status: This bill was assigned to a congressional committee on August 2, 2013, which will consider it before possibly sending it on to the House or Senate as a whole.
Mortgage Forgiveness Tax Relief Act of 2013 – Amends the Internal Revenue Code to extend through 2014 the exclusion from gross income of income attributable to the discharge of indebtedness on a principal residence.
Learn more about the Mortgage Forgiveness Debt Relief Act and Debt Cancellation from the IRS website.
In the meantime, we would encourage you to consider the possibility that the Mortgage Forgiveness Debt Relief Act will not be extended past the end of 2013 and as a result, we would recommend you at least come in and discuss your Arizona distressed home situation so you my better understand your options as you move forward.