Tax Relief on Mortgage Debt Ending

January 31, 2012  |  No Comments  |  by TaylorFisher  |  Calabasas, Hidden Hills, Syndicated Partners

Attention Calabasas Homeowners

By: Barbara Lipkin

Time flies. It is almost February 1st as we enjoy incredible California sunshine-another day in paradise. Fortunately, Lew Sichelman reporting in this Sunday’s LA Times, has reminded us that tax relief on mortgage debt forgiveness ends in 2013. The Mortgage Debt Relief Act of 2007 allows taxpayers to “exclude from income the discharge of debt on their principal residence”. Although, homeowners have until the end of 2012, it may very well take up to 11 months to persuade banks to foreclose or sell homes for a lesser value than they are worth. Read More

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