insolvency

Mortgage Forgiveness Debt Relief Act Extended Retroactively for 2014 — Great News for Consumers Who Had Primary Home Mortgage Debt Canceled Last Year!

In 2007, Congress pass the Mortgage Forgiveness Debt Relief Act (MFDRA) and initially set it to expire at the end of 2012. This temporary change to the IRS tax code permitted an exclusion for cancelation of debt income associated with forgiven mortgage debt. The Act was later extended for the 2013 tax year, but then expired again on December 31, 2013. The MFDRA has been hugely beneficial for consumers...

Insolvency Calculator for IRS Form 982 Now Available! Only $29!

ZipDebt.com proudly announces the launch of our new INSOLVENCY CALCULATOR, designed to help taxpayers and professional tax preparers determine taxable income associated with 1099-C “cancelation of debt income.” At the super-low price of $29, this Excel based calculator will help you save HOURS of time in completing “the tax form from hell” (Form 982). You can buy it right now, download immediately, and get to work on your Form...