REALTOR® Day on the Hill Briefing: Mortgage Forgiveness Debt Relief

Photo credit: Lendingmemo on Flickr

This is the second in a series of blog posts meant to familiarize members with the issues we will bring to the State House at REALTOR® Day on Beacon Hill next week. See our blog for previous issues.

REALTORS® Support Mortgage Forgiveness Debt Relief and Debt Cancellation – H.2534/S.1368 – An Act relative to discharge of indebtedness of principle residence from gross income

Currently, the general tax rule that applies to debt forgiveness is that the amount forgiven in a short sale or foreclosure is treated as taxable income to the borrower. However, this bill (H.2534/S.1368) would bring tax relief for homeowners when lenders forgive some portion of mortgage debt they owe. The bill would allow homeowners to complete loan modification without making them liable to pay state taxes on any debt that is forgiven. Inform your legislator about the importance of this issue at REALTOR® Day on Beacon Hill.

2014 MAR President Peter Ruffini invites you to REALTOR® Day on Beacon Hill, where REALTORS® will have a chance to network and learn about the key legislative issues that will affect the real estate industry and private property in 2014. Attend the REALTOR® Day on the Hill and make an impact on the legislative process. Check out the video.

REALTOR® Day on Beacon Hill is scheduled for:
Wednesday, June 11th, 2014
10:00 to 11:00AM
Massachusetts State House, Great Hall