Mortgage Debt Relief Extended Another Year
The Mortgage Debt Relief Act (“MDRA”) enacted in 2007 was scheduled to expire December 31, 2012. In the “fiscal cliff” legislation just enacted by Congress, however, the MDRA has been extended until December 31, 2013. Therefore, after a foreclosure or a short sale of a home in Arizona, any debt forgiveness of a mortgage loan used to purchase or improve the home will continue to not be taxable income.
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