Mortgage Forgiveness Debt Relief Act set to expire
The Mortgage Forgiveness Debt Relief Act, enacted in 2007 to help thwart the nation's housing crisis, could be a thing of the past.
Today could mark the final day of the policy if federal lawmakers don't extend it. Experts are predicting the loss of the tax exempt policy could affect homeowners across the nation, including Lowcountry.
The act offer tax waivers on real estate debts forgiven in mortgage refinancings, foreclosures or short sales. That debt has not been considered taxable income under the five-year-old law.
That could change and require struggling homeowners to pay potentially tens of thousands of dollars in taxes.
In the case of a short sale, for instance, the seller would get an IRS bill on the difference between the sale price and the unpaid mortgage balance.
The number of distressed properties are declining, but they are still an issue in South Carolina. Real estate information group RealtyTrac reported earlier this month that one of every 455 homes received a foreclosure filing last month in the Palmetto State. Charleston County ranks in the Top 5 most active foreclosure counties areas in the state, according to the firm's latest report.
The Charleston Build, Remodel & Landscape Expo is scheduled for Jan. 11 through 13 at the Charleston Area Convention Center in North Charleston.
The event features seminars, exhibits and demonstrations from local and national companies, designed to help consumers through the process of home improvement.
The shows runs 2-7 p.m. Friday, 10 a.m.-8 p.m. Saturday and 11 a.m.-5 p.m. Sunday.
Tickets are $5 for adults.
The event is being produced by L&L Exhibition Management of Bloomington, Minn.
Go to homeshowcenter.com and click on “For Attendees” for details.
Reach Tyrone Richardson at 937-5550 and follow him on Twitter @tyrichardsonPC.