Mortgage Debt Cancellation Relief
NAR supports an exclusion from taxation of the "phantom income" generated when all or a portion of a mortgage loan is forgiven.
On December 16, 2014, the Senate passed H.R. 5771, the Tax Increase Prevention Act of 2014, by a vote of 76-16.
Session had mixed results for REALTORS®.
The tax extensions approved by Congress include provisions that will help distressed homeowners and commercial property investors.
On Dec. 3, 2014, the House of Representatives passed H.R. 5771, the Tax Increase Prevention Act of 2014, by a strong bipartisan vote of 378-46.
In his latest video, NAR President Steve Brown explains why NAR supports an extension on mortgage debt cancellation relief. Take a look.