Mortgage Cancellation Tax Relief Expires
Posted on
December 20, 2013
The Mortgage Cancellation Tax Relief expired December 31, 2013. Without an extension from Congress, homeowners who have had any amount of mortgage forgiven by a lender through either a foreclosure or short sale will be forced to pay a "phantom income tax" on any amount that was forgiven. It is CAR and NAR's position that homeowners should not be subject to...