<P> The Mortgage Forgiveness Debt Relief Act was introduced in the United States Congress on September 25, 2007, and signed into law by President George W. Bush on December 20, 2007 . This act offers relief to homeowners who would have owed taxes on forgiven mortgage debt after facing foreclosure . The act extends such relief for three years, applying to debts discharged in calendar year 2007 through 2009 . With the Emergency Economic Stabilization Act of 2008, this tax relief was extended another three years, covering debts discharged through calendar year 2012 . Act further extended until January 1, 2014 at section 202 of American Taxpayer Relief Act of 2012 . </P> <P> This tax relief has been renewed each year since . The latest enactment on February 9, 2018 of the Bipartisan Budget Act renewed for all of tax year 2017 a wide range of individual and business tax benefits that had expired at the end of 2016--including the "exclusion from gross income of discharge of qualified principal residence indebtedness (often, foreclosure - related debt forgiveness), claimed on Form 982 ." </P>

What is the mortgage forgiveness debt relief act
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