Relief in mortgage forgiveness, PMI deduction

Restrictions apply if loan was refinanced, income too high

Big plans for business in 2018?
Give yourself the tools to own the new year at Connect SF, July 17-20, 2018

Homeowners who went through foreclosure in 2007 could receive a benefit on their federal income tax return thanks to the Mortgage Forgiveness Debt Relief Act of 2007. Under the new law, taxpayers no longer have to pay tax on the value of their home loan if the loan was cancelled through a foreclosure proceeding, otherwise known as "cancellation of indebtedness income."