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Mortgage Debt Cancellation Relief

2014 Update on Mortgage Cancellation Tax Relief

On December 31, 2013 the Mortgage Cancellation Tax Relief will expire.  NAR has been working with Congress since early this year to extend this important real estate tax provision.  Without an extension, homeowners who have any amount of a mortgage forgiven by a lender either in a short sale or foreclosure would be subject to paying “phantom income tax” on the amount of the forgiveness.  

NAR supports an exclusion from taxation of the "phantom income" generated when all or a portion of a mortgage loan is forgiven.

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