What is the name of your state (only U.S. law)? Ohio
Hello, Does anyone know if the Governments "Home Affordable Foreclosure Alternatives Program" (HAFA) $10,000 relocation expenses is considered taxable income? I did receive a 1099-MISC, but this money is provided through the government program, and I thought money from them is considered welfare and wouldn't be considered taxable?
On another note.. Does anyone know if the "Mortgage Debt Relief Act" was reinstated? This bill was to protect homeowners from having to pay taxes on any forgiven debt due to having underwater mortgages after going through a foreclosure, Short sale, or Deed in lieu.
Any help with this is much appreciated. These answers are very hard to find over the internet. Which is strange considering this is tax season, and I'm sure there was a lot of people in this situation after having gone through these programs. Thanks!
Hello, Does anyone know if the Governments "Home Affordable Foreclosure Alternatives Program" (HAFA) $10,000 relocation expenses is considered taxable income? I did receive a 1099-MISC, but this money is provided through the government program, and I thought money from them is considered welfare and wouldn't be considered taxable?
On another note.. Does anyone know if the "Mortgage Debt Relief Act" was reinstated? This bill was to protect homeowners from having to pay taxes on any forgiven debt due to having underwater mortgages after going through a foreclosure, Short sale, or Deed in lieu.
Any help with this is much appreciated. These answers are very hard to find over the internet. Which is strange considering this is tax season, and I'm sure there was a lot of people in this situation after having gone through these programs. Thanks!
