Mega Agent Real Estate Team at Remax Advantage - 2635 Valleydale Rd, Birmingham, AL 35244
10 months ago
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Description:
Collier Swecker video blogs about how the Mortgage Forgiveness Debt Relief Act is set to expire on December 31, 2012. In summary, the Mortgage Forgiveness Debt Relief Act states that if you borrow money, from a bank or a commercial lender and the lender cancels or forgives the debt (i.e. Short Sale) then you are not responsible for paying taxes on the forgiven amount. This includes balances forgiven through foreclosure. The Act only applies to debt incurred to buy, build or improve a personal residence, NOT an investment property. I strongly encourage anyone who is struggling with their mortgage to talk with a Realtor, Lawyer, and CPA to find the best course of action with your home because delaying the inevitable may cost these homeowners thousands in tax liability and you do not want the IRS on your back in addition to the banks. If you have any questions or comments about the Mortgage Forgiveness Debt Relief Act email me at [email protected] or visit my website at www.CollierSwecker.com.
This video is presented solely for demonstration purposes, in accordance with YouTube's terms and policy allowing video embedding, and is featured here under a Creative Commons license. All rights belong to their lawful owners. If you are the copyright holder and do not wish for this video to be featured on our site, please contact us for its immediate removal.
https://mytsv.com/contact-us
Thank you!
Description:
Collier Swecker video blogs about how the Mortgage Forgiveness Debt Relief Act is set to expire on December 31, 2012. In summary, the Mortgage Forgiveness Debt Relief Act states that if you borrow money, from a bank or a commercial lender and the lender cancels or forgives the debt (i.e. Short Sale) then you are not responsible for paying taxes on the forgiven amount. This includes balances forgiven through foreclosure. The Act only applies to debt incurred to buy, build or improve a personal residence, NOT an investment property. I strongly encourage anyone who is struggling with their mortgage to talk with a Realtor, Lawyer, and CPA to find the best course of action with your home because delaying the inevitable may cost these homeowners thousands in tax liability and you do not want the IRS on your back in addition to the banks. If you have any questions or comments about the Mortgage Forgiveness Debt Relief Act email me at [email protected] or visit my website at www.CollierSwecker.com.
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