Dr. Friday 0:00
Good day. I’m Dr. Friday, President of Dr. Friday Tax and Financial firm. To get more info go to www.drfriday.com.
Dr. Friday 0:10
Mortgage forgiveness debt relief. The maximum amount of discharge debt out of principal residents through foreclosure or debt reconstruction may be excluded from your income, up to the lowest is 2 million down to $750,000. And this was a limitation applied back in December 31, 2020 and it runs all the way through January 1 of 2025. So basically, you have the ability to basically think about. If you’re upside down you need to reconstruct because 2020 was a really bad year 2021 didn’t get a bunch better, take a look at what you can do, and that won’t affect your taxes. Be smart.
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