Yelm, WA - Short Sale Homeowners Debt Relief Extension Act of 2014
By Wes Neal, The expertise you expect and attention you deserve
(Wes & Company )
Yelm, WA - Short Sale Homeowners Debt Relief Extension Act of 2014 (H.R. 3856) On January 13, 2014, Congressman Bill Foster from Illinois introduced a 2 year extension for the debt relief act that forgives debt exclusion from gross income for the discharge of qualified principal residence indebtedness, and for other purposes. The most common application of the original bill is when a client completes a short sale and is given a 1099 from the sellers lien holder. The bill is still in committee and the odds of it passing at this time do not look good. The bill contains a provision to pay for the extension by taking away tax breaks from oil companies for domestic production.However not is all lost the IRS does have a insolvency clause that still allows for debt forgiveness if the home owne...
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