Clock ticking on mortgage tax break for struggling homeowners
December 24th, 2012
08:01 AM ET
2 years ago

Clock ticking on mortgage tax break for struggling homeowners

(CNNMoney) - A tax break that has saved struggling homeowners from paying thousands of dollars to the IRS is just days away from expiring.

If the Mortgage Forgiveness Debt Relief Act of 2007 does not get extended by Congress by the end of the year, homeowners will have to start paying income taxes on the portion of their mortgage that is forgiven in a foreclosure, short sale or principal reduction.

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Filed under: Taxes
soundoff (2 Responses)
  1. jkane sfl gop mascots the blubbering slobs allen west rover nitwitquest rick scott ,carl rove and donald dump ??????

    The worthless gop will do nothing unless your the 2% ,let's make them the 2% of congress in 2014.

    December 24, 2012 08:14 am at 8:14 am |
  2. plain&simple

    Once again...the working class pays the penalty so the wealthy can continue in their financial bliss. The banks get bailed out and you get to pay taxes on the bubble which burst years ago.

    December 24, 2012 09:36 am at 9:36 am |