Want a mortgage tax forgiveness extension? Act now

 · Watch out if you have a big mortgage or home equity loan.. What the new tax law will do to your mortgage interest deduction. The Tax Cuts and Jobs Act (TCJA) trimmed two important tax.

In the Tampa Bay area, Pam Marron, a mortgage loan officer who works with underwater homeowners. the extension of the Mortgage Forgiveness Debt Relief Act, which is set to expire Dec. 31. Dating to.

Now, in prior years, this has allowed millions of people to deduct their mortgage interest. However, the Tax Cuts and Jobs Act nearly doubled the standard deduction, and as a result, fewer people.

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Learn about the Mortgage Debt Relief Act & your debt relief options.. And, believe it or not, your lender doesn't want your house; most of them are.. forgiveness now should proceed with the anticipation that future extensions are unlikely.

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Get the help you need with TurboTax Support. Find TurboTax FAQs, ask a question in our community, chat with agent, or give us a call.. Will the Mortgage Forgiveness Debt Relief Act get extended for 2018 taxes? Comment.. investment & rental property tax prep Self-Employed tax prep TurboTax Live tax prep Military tax prep discount File an.

No one wants to talk tax when holiday. a home – you may need to act now. It could be your last chance to claim qualifying deductions and write-offs. Here’s what could go away once 2017 rolls around.

Should I divert all extra money in my budget to paying off the mortgage because it isn’t. And do you think I should talk to them now so I can make sure to collect any paperwork they’ll need next.

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The good news about debt forgiveness, in relation to the Mortgage Forgiveness Debt Relief Act of 2007, is that many taxpayers may qualify for a steep reduction on their tax liability. Debt Cancellation May be Taxable. It works like this: If a mortgage lender cancels all or part of your debt during a.