If you were one of the 9% of Berkshire REALTORS who responded to the initial call to action, THANK YOU! Congress has approved the income tax exemption on Mortgage Debt Forgiveness…. now onto Senate approval. Still time to act, please go to www.RealtorActionCenter.com to advocate final passage. It only takes a minute to make a difference!
NAR has issued a Call to Action – The income tax exemption on mortgage debt forgiven in a short sale or a workout for principal residences expired at the end of 2013. Without immediate action by the Senate, distressed homeowners will have to pay tax on “phantom income” from forgiven debt. Many families have decided not to go through with short sales or seek workouts because of the uncertainty over the status of the waiver.
The income tax exemption on mortgage debt forgiven in a short sale or a workout for principal residences has been extended by the House of Representatives. The retroactive extension was passed by a vote of 378 to 46. However, we are only part of the way there, and we still need your help! The United States Senate has not yet voted on the measure. To all REALTORS, Affiliates, or any interested citizen, please contact your Senators if you have not yet done so. NAR will continue to ask members to send messages to United States Senators until the bill is passed.
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