Greater Boston Short Sales
The Mortgage Forgiveness Debt Relief Act of 2007 is the most common exception to the rule that canceled debt is taxable income. According to the Debt Relief Act, taxpayers may exclude debt forgiven on their “qualified principal residence” if the balance of their loan is $2 million or less. Qualified principal residence indebtedness is limited to forgiven or cancelled debt used to buy, build or substantially improve your principal residence, or to refinance debt incurred for those purposes. Thus, even debt incurred as a result of a refinance loan will qualify for this exclusion, but only to the extent that the principal balance of the old mortgage would have qualified. In other words, if the debt forgiven was a result of a short sale of your qualified principle residence, and you...
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Sentiment Analysis
Andrew was a great help to me and my partner who were asked to leave our apartment after only one month into the lease so the landlord could sell her property.
He was Extremely knowledgeable and thorough about guiding me through the purchase and always available when I needed something.
Responsive and persistent, he always puts the client's interest first.
I am now free from one of my burdens which gives me more time to help with a seriously sick daughter.
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