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Tax Fact 1-The Mortgage Forgiveness Debt Relief Act of 2007
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The IRS wants taxpayers to know about the Mortgage Forgiveness Debt Relief Act of 2007. In the waning weeks of 2007, Congress passed and President Bush signed into law this remedial legislation. Initially limited to tax years 2007, 2008 and 2009, the law was intended to prevent debt cancellation tax for unfortunate home owners who lost their home to foreclosure. Congress, as part of the stimulus legislation passed in 2009, extended the life of the statute through tax year 2012. Limitations on this statute and details of debt cancellation tax will be explored in later articles. However, it is important to note that the statute, which amended the tax code, added a specific exemption for home loans and forgiveness of debt up to two million dollars when the taxpayer�s principle residence is involved.

It is important to note this statute only covers the principle residence or main home of the taxpayer. A principle residence can be a house, houseboat, mobile home, co-op apartment or condominium. Any abode that a taxpayer can call home is likely to meet the IRS standards for principal residence if that is where the taxpayer lives most of the time. When it is a close question whether or not an abode is the principal residence of the taxpayer, the IRS will look at factors such as the following:
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