Mortgage Forgiveness Debt Relief Act of 2007..IRS INFO important
HI all, I have been seeing a lot of posts about the mortgages and the crisis we are under, I too am about to lose my home, 16 % interest???…….right…I will pay that right away….NOT>>.lol…. I am going out on a limb posting this message due to past experience doing so on here and getting hate mail in my personal mail box, by someone that thinks just because I have a job at the IRS, I must be responsible for all your taxes or something…..
Its just a job…just like yours….only mine is seasonal and I get laid off in June. (I get zero benefits, so don’t try to go there), but I want to try to help those that this infomation may help. those of you that want to send me hate mail and hate me because I have a job at the IRS, go ahead, this isn’t directed to you. This is called Domestic terrorism and we deal with it daily at the IRS. We send these cases to the big boys that carry the guns, You don’t want to mess with them. PLEASE note TS, Your messages will not make my spam blocker, so no need to try.
So anyway, to those of you that are fearing the tax liablility for your mortgage forgiveness fear not…Help has come.
.. Dec. 20th 2007 Mortgage Forgiveness Debt RElief Act of 2007 was enacted. Taxpayers may exclude debt forgiven on their principal residence if the balance of their loan was less than 2 million$. The limit is 1 million$ for a married person filing a seperate return. Details are on form 982 and its intsructions availble now on IRS.Gov. I am sending this info to help… I hope it will….good luck you all…I’m hearing you and its so nice to have a sounding board with you all. I am in a pickle worse than I have seen on here so far.
Thank you for the Info. I dont hate you and I promise no hate mail… =) I do understand – I work for a wireless phone company and when people find out they yell at me bc their cell phone does not work like i did it..LOL Thank you for doing the job you do!!
I am also fighting with my mortgage company to keep my house. Grrrr.. So far I am on a repayment plan and so far so good – we shall see. I am looking into refinancing but not sure.