Urge Congress Extend Mortgage Debt Forgiveness Tax Relief
The income tax exemption on mortgage debt forgiven in a short sale or a workout for principal residences expired at the end of 2013. Without immediate action by Congress, distressed homeowners will have to pay tax on “phantom income” from forgiven debt. Many families have decided not to go through with short sales or seek workouts because of the uncertainty over the status of the waiver. This is not only unfair but harms families, neighborhoods and communities. Please urge your representative and senators in Congress to extend this tax relief now.
- Despite significant market recovery, more than 5 million are still “under water.”
- Nearly 1 million households are seriously delinquent on their mortgages or in foreclosure.
- Mortgage debt forgiveness tax relief is vital for these families.
On behalf of the Arkansas REALTORS® Association, we would like to extend our deepest sympathy and condolences to Beverly Carter’s family. Words cannot express how truly sorry we are that this tragedy has happened. Though not every REALTOR® in Arkansas may have known her, we all feel a deep connection with her as a part of our REALTOR® family.
We feel an obligation to re-educate our members on best safety practices and plan to implement a statewide, if not nationwide, safety plan. It is our goal to make sure that all REALTORS® have the information and means to keep themselves safe during showings, open houses and in their day-to-day business.
To make a donation to the Carter Family, please send checks made payable to the Beverly Carter Memorial fund to:
The Beverly Carter Memorial Fund
C/O Centennial Bank
4514 Camp Robinson Rd
North Little Rock AR 72118
Through the Graduate Leadership Academy, the Arkansas REALTORS® Association seeks to identify and equip local REALTOR® leaders for future leadership positions in the ARA, in their communities and in life. Each year, the group spends time participating in programs and activities to strengthen their leadership skills in the areas of legislative issues, volunteerism, spokespersons training, ethics and decision making, effective communication and team building. Download the Application HERE.
The Voice of Real Estate in Arkansas
Arkansas REALTORS® Association