Central District Consumer Bankruptcy Attorney's Association

This new law applies to "discharges of indebtedness on or after January
1, 2007" and before December 31, 2010. It applies to the discharge of
"qualified principal residence indebtedness" which means "acquisition
indebtedness" "with respect to the principal residence" up to $2
million. The discharge does not result in income. It will however
reduce the taxpayer's basis on the home.
For whatever its worth, the "Mortgage Forgiveness Debt Relief Act of
2007" also deals with benefits to firefighters, cooperative housing
corporations, low-income housing credits, partnership returns and S
Corporation returns.
You can access it here.

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If anyone has a summary of the (limited) impact of this legislation, signed
by W on 12/20/07, please forward it to me or post a link.

Thanks,

Law Office of Eric Alan Mitnick
21515 Hawthorne Boulevard, Suite 1080
Torrance, CA 90503
(310) 792-5864; 792-5866 (fax)
MitnickLaw@aol.com
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