Mortgage Debt Relief Act Extended!

In January, President Obama signed the American Taxpayer Relief Act which among other things, extended the Mortgage Debt Relief Act that was set to expire at the end of 2012. This was a big relief for many people who received a 1099C as a result of a foreclosure because in most cases it relieved the recipient of the 1099C from the potential tax liability. Talk to your accountant or attorney if you have further question!