Kapolei Real Estate News: Mortgage Debt Forgiveness Tax Relief
Kapolei homeowners could benefit from tax relief measure
Until this tax season, rules governing mortgage debt forgiveness meant that you had to count mortgage forgiveness as income, even though you didn’t actually receive money from mortgage debt forgiveness. With the current efforts of economic stimulus, however, that is changing.
Now, through 2009, if you have mortgage debt forgiveness on Kapolei real estate that serves as a primary residence, you won’t have to pay income tax on it. For more information on mortgage debt forgiveness tax relief, visit the IRS Web site or consult a tax attorney or accountant.
For more Kapolei real estate news, contact John Riggins.
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