As part of the "fiscal cliff" vote, the Mortgage Forgiveness Debt Relief Act is being extended. ?
What this simply means is that when a struggling homeowner sells their home for $75,000 and they owe $150,000, they are not taxed on the $75,000 that the bank had to write off. This is good news for homeowners that are struggling. ?
Other homeowner benefit extensions include being able to deduct your private mortgage insurance for those who make less than $110,000 a year. This is retroactive back to 2012 and includes 2013. ?
A tax credit of up to $500 is available to homeowners who made energy improvements to their home in 2012. This is also available in 2013. ?
Source: http://southcobb.patch.com/articles/mortgage-forgiveness-debt-relief-act-extended-cb10bb56
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