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Does the Mortgage Forgiveness Debt Relief Act of 2007 apply to all forgiven or canceled debts?

April 26, 2017ACT debt relief debts forgiven forgiveness mortgage

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Does the Mortgage Forgiveness Debt Relief Act of 2007 apply to all forgiven or canceled debts?

1 Answer

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No, the Act applies only to forgiven or canceled debt used to buy, build or substantially improve your principal residence, or to refinance debt incurred for those purposes.