Mortgage Debt Forgiveness Tax Relief

We’re all looking at tax season as it looms upon us. And there are plenty of new rules to consider this year (the forms have barely been changed in time in many cases). And one of those is the rectification of a quirky tax rule.
Before, if you had a measure of mortgage debt forgiveness, you had to count that money as income. You never saw it, and you never spent it. But you still had to pay taxes on it. Thanks to a mortgage debt forgiveness tax relief bill, you don’t have to pay income tax on money that wasn’t …read more