{"id":4157,"date":"2012-12-27T13:02:45","date_gmt":"2012-12-27T13:02:45","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=4157"},"modified":"2012-12-27T13:02:48","modified_gmt":"2012-12-27T13:02:48","slug":"time-is-ticking-on-tax-break-expiration","status":"publish","type":"post","link":"http:\/\/www.anthonydidonato.net\/wordpress\/time-is-ticking-on-tax-break-expiration\/","title":{"rendered":"Time Is Ticking on Tax Break Expiration"},"content":{"rendered":"

Time Is Ticking on Tax Break Expiration<\/h2>\n
\"Time<\/a>

Time Is Ticking on Tax Break Expiration. Image by Stuart Miles & FreeDigitalPhotos.net<\/p><\/div>\n

The Mortgage Forgiveness Debt Relief Act of 2007 is days from expiring if Congress doesn\u2019t act to extend it. If the act expires, home owners will be responsible for paying income taxes with no\u00a0Tax Break<\/strong> to the IRS on a certain portion of their mortgage that is forgiven in a short sale, foreclosure, or principal reduction.<\/p>\n

\u201cThat means if someone owes $150,000 on their home and it sells for $100,000 in a foreclosure auction, they could owe taxes with no\u00a0Tax Break<\/em> on the remaining $50,000,\u201d CNNMoney explains. \u201cFor someone in the 25 percent tax bracket, that would mean paying $12,500 in taxes on the foreclosure. Similar taxes would apply for amounts that were forgiven in short sales and principal reductions.\u201d<\/p>\n

Allowing the act to expire could have a \u201cchilling effect on home owners considering a short sale,\u201d says Elise Brooks Perkins, communications director for the Financial Services Roundtable. Perkins says that more sellers may back out of completing a short sale without the\u00a0Tax Break<\/span> forgiveness, which ultimately could prolong the housing recovery.<\/p>\n

How many people does this stand to affect? More than 50,000 home owners are foreclosed on each month, and the number of short sales has increased to about half a million a year. What\u2019s more, about 1 million borrowers stand to have principal reductions on their mortgages.<\/p>\n

\u201cEven if Congress allowed the mortgage debt forgiveness to expire, not all borrowers who lose their home to foreclosure, sell their home in a short sale or have their principal reduced will take a tax hit,\u201d CNNMoney reports. \u201cIf the debt is discharged in a bankruptcy, no tax is due. And anyone who is insolvent — meaning they have more debt than assets — at the time the Tax Break debt was forgiven would not have to pay the tax. And in some states like California, certain borrowers are protected against paying the tax because of the way the state treats foreclosures.\u201d<\/p>\n

Source: \u201cMortgage Tax Break Days Away From Expiring<\/a>,\u201d CNNMoney (Dec. 24, 2012)<\/em><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Time Is Ticking on Tax Break Expiration The Mortgage Forgiveness Debt Relief Act of 2007 is days from expiring if Congress doesn\u2019t act to extend it. If the act expires, home owners will be responsible for paying income taxes with no\u00a0Tax Break to the IRS on a certain portion of their mortgage that is forgiven … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-4157","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nTime Is Ticking on Tax Break Expiration - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"description\" content=\"Time Is Ticking on Tax Break Expiration\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/www.anthonydidonato.net\/wordpress\/time-is-ticking-on-tax-break-expiration\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/time-is-ticking-on-tax-break-expiration\\\/#article\",\"isPartOf\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/time-is-ticking-on-tax-break-expiration\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"Time Is Ticking on Tax Break Expiration\",\"datePublished\":\"2012-12-27T13:02:45+00:00\",\"dateModified\":\"2012-12-27T13:02:48+00:00\",\"mainEntityOfPage\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/time-is-ticking-on-tax-break-expiration\\\/\"},\"wordCount\":364,\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"image\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/time-is-ticking-on-tax-break-expiration\\\/#primaryimage\"},\"thumbnailUrl\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2012\\\/12\\\/ID-100125767.jpg\",\"keywords\":[\"Anthony DiDonato\",\"News\",\"Real Estate\",\"tips\"],\"articleSection\":[\"News\",\"Real Estate Tips\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/time-is-ticking-on-tax-break-expiration\\\/\",\"url\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/time-is-ticking-on-tax-break-expiration\\\/\",\"name\":\"Time Is Ticking on Tax Break Expiration - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania\",\"isPartOf\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/time-is-ticking-on-tax-break-expiration\\\/#primaryimage\"},\"image\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/time-is-ticking-on-tax-break-expiration\\\/#primaryimage\"},\"thumbnailUrl\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2012\\\/12\\\/ID-100125767.jpg\",\"datePublished\":\"2012-12-27T13:02:45+00:00\",\"dateModified\":\"2012-12-27T13:02:48+00:00\",\"description\":\"Time Is Ticking on Tax Break Expiration\",\"breadcrumb\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/time-is-ticking-on-tax-break-expiration\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/time-is-ticking-on-tax-break-expiration\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/time-is-ticking-on-tax-break-expiration\\\/#primaryimage\",\"url\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2012\\\/12\\\/ID-100125767.jpg\",\"contentUrl\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2012\\\/12\\\/ID-100125767.jpg\",\"width\":400,\"height\":333,\"caption\":\"Time Is Ticking on Tax Break Expiration. 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