I sent an email to Congressman Deutch regarding passing an extension of the Mortgage Debt Forgiveness Act…below is the email I just received:
Thank you for contacting my office regarding H.R. 2788, the "Mortgage Forgiveness Tax Relief Act." Your views on this issue are very important to me, and I welcome the opportunity to respond.
As you are aware, the "Mortgage Forgiveness Tax Relief Act" would extend a tax provision that permits a taxpayer to exclude income from the discharge of debt on a home mortgage. The exclusion can be claimed for up to $2 million of forgiven debt. This provision is designed to protect homeowners who are subject to additional income taxes if they realize an increase in income due to a portion of their mortgage being forgiven on their home.
I strongly support protecting homeowners from possible tax increases should they realize an increase in income from a portion of their mortgage being forgiven. This bill has been referred to the House Ways and Means Committee, of which I am not a member. Please be assured that I will keep your views in mind should this issue be debated on the floor House of Representatives.
Please feel free to contact me with any additional questions you may have or anytime I may be of assistance to you.
If you would like to be updated on these and other issues, please stop by my website (www.deutch.house.gov) and sign up for my electronic newsletter. I hope you will find these tools to be valuable resources in keeping up with events in Washington and South Florida.
Sincerely,
Ted Deutch
Member of Congress
Hopefully Congress will get their act together and extend this bill before the end of their session so all of my Palm Beach County home sellers that are still underwater can move on with their lives in a dignified manner by means of a short sale.
Call me if you have any question (or shoot me an email)
Thanks…Steve Jackson…561.602.1258
