By Robert B. Branson and Tammy Branson, Branson Law PLLC (Orlando, FL)
The Mortgage Forgiveness Debt Relief Act is ending. On the bright side this change may be a good marketing tool for debtor attorneys, since bankruptcy filings are down nationwide. Let your local accountants and real estate professionals know that mortgage debt forgiveness discharged in bankruptcy is still excluded from taxable income.
By way of background, in 2007, at the beginning of the Great Recession, The Mortgage Forgiveness Debt Relief Act “MFDRA” went into effect. Generally, the MFDRA allowed taxpayers to exclude income from the discharge of . . .
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