Mortgage industry fares well in fiscal cliff deal, debt forgiveness law survives

Fiscal Cliff and the Mortgage Forgiveness Debt Relief Act in Arizona - Wells Law Group The outcome of last-minute negotiations to avoid the fiscal cliff.. This deal left major issues unresolved, including the debt ceiling, the. Pay Cut to Medicare Doctors: Legislation from 1997 was intended to reduce. as well as benefits for individual taxpayers and policies specific to the energy sector.

Fiscal cliff deal preserves key housing tax breaks. Mortgage-interest deductions are a nearly $100 billion-per-year revenue drain for the U.S. Treasury, according to syndicate real estate Observers were concerned that without the debt forgiveness tax break, homeowners would not consent to short.

Some mortgage debt won’t qualify for this tax-free exclusion, so forgiven debt associated with them would be considered taxable income. mortgage loans that don’t qualify include home equity loans where the proceeds were not used to buy, build, or improve the residence, as well as mortgages for.

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