Sen. Wants Congress To OK Mortgage Debt Tax Forgiveness

Law360, New York (January 6, 2014, 5:37 PM EST) -- Sen. Sherrod Brown, D-Ohio, called on Congress Monday to pass legislation that will shield homeowners from paying taxes on mortgage debt that was forgiven in mortgage modifications or short sales.

The federal Mortgage Forgiveness Debt Relief Act of 2007 allowed homeowners to exclude forgiven mortgage debt from their reportable income, but the provision expired at the end of 2013. Lawmakers introduced legislation at the end of the year to extend the tax relief for an additional year, but Republican senators refused to take up the legislation,...
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