New Tax Rule: Mortgage Debt Forgiveness
Baton Rouge real estate to benefit from mortgage debt forgiveness tax exemption
One of the latest in a string of efforts to fix the economy is coming in the form of tax relief. In addition to the tax rebate, there will also be tax relief in other ways. One of the is a new tax rule regarding mortgage debt forgiveness.
Under the old rule, if part of your mortgage debt was forgiven, you still had to count it as income, even if you didn’t actually see any of the money. The new tax rule makes mortgage debt forgiveness on a primary residence exempt from income tax through 2009.
For more information on Baton Rouge real estate, contact Glenda Daughety.
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