Foreclosure

questions & answers

Question: Does the Arizona Revenue Service have something similar to the IRS' Mortgage Debt Relief Act of 2007? If you have a foreclosure and subsequent debt forgiven, does Arizona add it to your income or do they have a provision to exclude it (similar to the IRS' Mortgage Debt Relief Act of 2007)?

Answer: You may want to check with a tax professional. Generally Arizona follows the IRS' rules in regard to taxation related to debt forgiveness, but a tax professional will be able to tell you how the tax code applies to your specific situation.

QUESTIONS

  • Does the Arizona Revenue Service have something similar to the IRS' Mortgage Debt Relief Act of 2007? If you have a foreclosure and subsequent debt forgiven, does Arizona add it to your income or do they have a provision to exclude it (similar to the IRS' Mortgage Debt Relief Act of 2007)?

STORIES

  • He told me that I could actually get all the money I needed by using my home as collateral. . .
  • He told me that I could actually get all the money I needed by using my home as collateral. . .
  • If you get a divorce, make sure your date of birth is on the Decree if your name is changing!. . .

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