When did mortgage Debt Relief Act expire?
In the end, a compromise was struck, and the group of provisions, which had expired at the end of 2016 (including the mortgage debt cancellation provision), were extended for one more year, until December 31, 2017.
What is Mortgage Forgiveness Debt Relief?
Updated September 5, 2019 — The Mortgage Forgiveness Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualify for this relief.
Is the federal mortgage debt relief Act extended to California?
The federal Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from forgiven debt on their principal residence and provisions of this Act were extended to the 2014 tax year. There was a recent effort to conform California law to federal law during the 2015-2016 legislative session; however, the legislation did not pass.
When does mortgage debt forgiveness end in California?
Tax Year 2013. California Assembly Bill 1393, signed into law as Chapter 152, extended California’s modified conformity to mortgage debt forgiveness for one year, through 2013. Specifically, The California exclusion is extended to apply to discharges occurring on or after January 1, 2013, and before January 1, 2014,
When does mortgage debt relief act take effect?
Tax Years 2014 through 2016 The federal Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from forgiven debt on their principal residence and provisions of this Act were extended to the 2014 tax year.
When does debt have to be discharged in California?
Any discharge of qualified principal resident indebtedness income from a discharge of qualified principal resident indebtedness that occurred on or after January 1, 2014, and before January 1, 2015, which is excluded for federal purposes. The debt may be required to be included in the taxpayer’s California income.