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Mortgage Debt Relief Act Progress for 2015

For those of you that check back on this website and blog periodically to find out whether your forgiven debt from your short sale in 2015 will be taxable or not . . . . the year is 3/4th complete and we still don’t know.

As you may recall from 2014 . . . it was New Year’s Eve before the MDRA was extended and it was only to the end of 2014!

2015 got off to a good start with a bill introduced in the Senate in April.  But there appears to be no attention paid since then.  The good news is that at least this year’s bill is a 2 year bill (through end of 2016) and not just a 1 year bill.

Sponsor: Sen. Heller, Dean [R-NV] (Introduced 02/03/2015)
Committees: Senate – Finance
Latest Action: 04/16/2015 Committee on Banking, Housing, and Urban Affairs. Hearings held.

Tracker:     introduced   .   . . .

This bill has the status “Introduced”

Check back in thirty days and if there is no progress, we’ll arm you with action information as we did last year.   As always, don’t hesitate to meet with your tax advisor and do some Plan B analysis on your situation.

THis IRS publication has helpful information for you and your tax advisor to use in setting up a safety net:

Debt Cancellation Tax Issues  –    http://www.irs.gov/Individuals/The-Mortgage-Forgiveness-Debt-Relief-Act-and-Debt-Cancellation-