Lenders can't 1099 homeowners on their principal residence
You can find great local Pleasanton, California real estate information on Localism.com Mike Jackson is a proud member of the ActiveRain Real Estate Network, a free online community to help real estate professionals grow their business.
George Bush signed a very important measure for homeowners on December 20th ,2007 who have had mortgage debt forgiven via Short Sale and refinances. Basically the lender would normally 1099 the seller for the loss and this would be taxable income to the seller. Now with the Mortgage Forgiveness Debt Relief Act of 2007, a taxpayer will not have to pay federal income tax on debt forgiven by a lender of a homeowners principal residence.
For a copy of the Mortgage Forgiveness Debt Relief Act of 2007 , log onto http://www.govtrack.us/congress/bill.xpd?bill=h110-3648
For a list of my short sale listings log onto www.jacksonloans.net
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Mortgage Forgiveness Debt Relief Act of 2007
October 4, 2007- Congressman Sander Levin (MI-12) speaks on the floor of the United States House of Representatives in support of the Mortgage Forgiveness Debt Relief Act of 2007.
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Reader Feedback
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Reply
- Jul 25, 2009 @ 5:54 pm
- Really great lens, I found it very informative as well as insightful. There are numerous types of mortgages; I recommend thorough research before entering into any agreement with a mortgage company.
I recommend for those of you who are keen on finding mortgage endowment agreements to check out my site Cheap Insurance Life Policy, it contains all the information you need.
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Reply
- NorthShoreFunding NorthShoreFunding Jun 5, 2009 @ 3:53 am
- You're a very helpful man Mike. Helping thru the providing information I believe is a very powerful tool, specially for matters concerning money and loans, or any related subject . Take this from a New York hard money lender ;0).
- Reply
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Reply
- anderson anderson Oct 7, 2008 @ 3:35 am
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- KimGiancaterino KimGiancaterino Jun 24, 2008 @ 8:26 pm
- Good information! This is sure in the news a lot lately.
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Reply
- chloecavanaugh chloecavanaugh Jun 22, 2008 @ 8:15 am
- Very informative, and helpful.
Gotta give ya high fives on this one!
~Chloe
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Reply
- Brassoo78 Brassoo78 May 11, 2008 @ 1:20 pm
- Great lens. Awesome information. Thanks for sharing the information. The 1031 Exchange allows one to sell one property and purchase another within a set period without taxes or profit. A similar informative site about 1031 Exchange on IRS Please step into this site to surf more information about 1031 Deferred Exchange, 1031 Exchange Companies, 1031 Exchange Form and many more facilities provided by 1031 Exchange.
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Reply
- Bacony Bacony Apr 16, 2008 @ 12:21 pm
- Wow its really awesome lens regarding mortgage information. Its hepls everyone in differnt ways. You may also go through 1031 exchange law from where you will get wide knowledhe of saving taxes.
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Reply
- Aice Aice Apr 9, 2008 @ 9:40 am
- You also got a very interesting topic here ^_^
I'm giving you 5 stars
thanks for the credit
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Reply
- LillianSmith25 LillianSmith25 Apr 3, 2008 @ 11:21 am
- A very informative article! Definitely worth five stars! Another way to ease real estate tax burdens is through a 1031 exchange, which permits the exchange of like properties without the need to pay immediate taxes. Please visit this resource on 1031 real estate exchange to learn more.
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Reply
- SmBizGuru SmBizGuru Mar 19, 2008 @ 6:40 pm
- Great topic! 5* Thanks for stopping by my lens.
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Reply
- mayankgupta1221 mayankgupta1221 Mar 5, 2008 @ 10:59 pm
- Hi, Nice Work...thanks for the information on Mortgage Forgiveness. Checkout my lens on
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Reply
- mayankgupta1221 mayankgupta1221 Mar 5, 2008 @ 10:59 pm
- Hi, Nice Work...thanks for the information on Mortgage Forgiveness. Checkout my lens on
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Reply
- CurlyQ05 CurlyQ05 Feb 26, 2008 @ 3:17 pm
- thanks 4 the *****!!! i like ur lens a lot too!! it must be real hard 2 handle all those lenses! five stars!!!!!!!!!!*****
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Reply
- CurlyQ05 CurlyQ05 Feb 26, 2008 @ 3:17 pm
- thanks 4 the *****!!! i like ur lens a lot too!! it must be real hard 2 handle all those lenses! five stars!!!!!!!!!!*****
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Reply
- CurlyQ05 CurlyQ05 Feb 26, 2008 @ 3:17 pm
- thanks 4 the *****!!! i like ur lens a lot too!! it must be real hard 2 handle all those lenses! five stars!!!!!!!!!!*****
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Reply
- driewe driewe Feb 19, 2008 @ 7:09 pm
- Great lens Mike, 5 stars
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Reply
- merriweather merriweather Feb 16, 2008 @ 6:04 pm
- Another lens with great information! Ppeople miss out on this stuff when it happens, the word never gets to them...
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Reply
- catch-cheating catch-cheating Feb 9, 2008 @ 6:06 pm
- great lens and useful information,high five
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Reply
- ollan ollan Feb 8, 2008 @ 2:11 am
- Hey Mike! I never knew about the Mortgage Forgiveness Debt Relief Act of 2007. Thanks for the enlightenment! Thanks also for visiting my page. One quick suggestion: move your guest book to the end of your page!
Regards, Ollan
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Reply
- Music-Resource Music-Resource Feb 7, 2008 @ 9:44 pm
- Good one MJ. ~Music Resource~
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Reply
- lptx82 lptx82 Feb 6, 2008 @ 2:45 pm
- Thanks for the comment on my Renters Insurance page - you have some very informative lenses yourself!
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Reply
- Clicktosendrealcardsdotcom Clicktosendrealcardsdotcom Feb 3, 2008 @ 11:47 am
- Awesome!! Very informative.
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Reply
- steveffeo steveffeo Jan 28, 2008 @ 3:22 pm
- Thank you for the comment Mike, dont forget to add those title tags.
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Reply
- jasljohns jasljohns Jan 26, 2008 @ 6:31 am
- Mike, you have done a great service by contributing to the information about this important legislation. Keep up the good work.
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Reply
- ShowingYouHow ShowingYouHow Jan 18, 2008 @ 6:27 pm
- Great 5 star lens! Very informative.
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Reply
- Shar Shar Jan 16, 2008 @ 5:58 pm
- Thanks for your visit to my lens "Fashion Trends - Fall and Winter 2007-2008 Must Haves " I found your lens fascinating... 5 stars for this one! Shar
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Reply
- Shar Shar Jan 16, 2008 @ 5:58 pm
- Thanks for your visit to my lens "Fashion Trends - Fall and Winter 2007-2008 Must Haves " I found your lens fascinating... 5 stars for this one! Shar
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Reply
- Realhelpinforeclosure Realhelpinforeclosure Jan 14, 2008 @ 2:59 pm
- Thanks Mike good work on your side too
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Reply
- Mortgage-Advice Mortgage-Advice Jan 13, 2008 @ 3:28 pm
- Super lens you've got here! 5 Stars! Vote for Your Lens on Mortgage Advice.
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Reply
- Vishenda Vishenda Jan 10, 2008 @ 9:26 am
- hey there! you have a useful lens out here mister
keep it up!
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Reply
- American_CyberSpace American_CyberSpace Jan 8, 2008 @ 2:47 pm
- Lots of great info in this lens. I've given it 5 stars. Stop by my Prime Rate lens when you have a chance. Thanks.
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Reply
- Anthony Anthony Jan 8, 2008 @ 12:11 pm
- Great lens you've got here, people need good information about Mortgages without it they will not save money.
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Reply
- Aika Aika Jan 7, 2008 @ 8:53 am
- amazing lens, very helpful and informative. Please do check my lens too, thanks!
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Reply
- financegirls financegirls Jan 1, 2008 @ 9:08 pm
- more great infos here. Thank you and happy new year!
I have some resources on my site about Bad Credit Credit Cards, hope you could check it out sometimes. :)
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Reply
- MagiesPlace.info MagiesPlace.info Dec 29, 2007 @ 10:16 am
- Important information for many people.. Thanks and Have a very successful and happy new year...
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Reply
- mrsjordanjr mrsjordanjr Dec 28, 2007 @ 1:11 pm
- Great lens. Added to lensroll. 5 stars.
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Reply
- LuckyCharm1558 LuckyCharm1558 Dec 25, 2007 @ 12:56 pm
- RealtorMJ, Thank you so much! Do you think you can reccomend my page to some of the people you know on Squidoo? Please and thank you! =o)
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Reply
- SemperFidelis SemperFidelis Dec 21, 2007 @ 5:46 pm
- Looking good Mike! Keep up the good work. :o)
by ShortSaleRealtor
I was born and raised in Oakland California. I have always wanted to be a major league baseball player. Four surgeries later I found myself working a...
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