Bristle & Yi Law, PLLC

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November 2019 Archives

Bankruptcy may be an option for struggling homeowners

Some homeowners in Virginia may find themselves facing a hefty bill after losing a tax break on forgiven mortgage debt. When a home is foreclosed upon or short sold, a portion of mortgage debt is also forgiven. For 10 years, people could exclude up to $2 million of forgiven mortgage debt from their taxable income. As a result, people who were already facing financial hard times could avoid even more debt for an unrepayable mortgage. However, this tax break was temporary, and it expired at the end of 2017. As a result, people with this kind of forgiven mortgage debt may be looking at a high tax burden.

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Bristle & Yi Law, PLLC
9200 Church Street
Suite 202
Manassas, VA 20110

Phone: 703-278-2027
Phone: 703-454-0701
Fax: 703-649-6368
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