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Permanent Tax Forgiveness for Discharged Mortgage Debt

This bill aims to permanently exclude discharged mortgage debt on a principal residence from taxable income. This means if your bank forgives a portion of your home loan, you won't have to pay taxes on that amount, potentially offering significant financial relief in difficult situations.
Key points
Forgiven mortgage debt on your primary home will not be counted as taxable income.
This change will be permanent for debts discharged after December 31, 2025.
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Expired
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Additional Information
Print number: 118_HR_3890
Sponsor: Rep. Brownley, Julia [D-CA-26]
Process start date: 2023-06-07
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Mortgage Debt Tax Forgiveness Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_3890.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-06-07.

What are the main provisions?

Key points include:

  • Forgiven mortgage debt on your primary home will not be counted as taxable income.
  • This change will be permanent for debts discharged after December 31, 2025.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Brownley, Julia [D-CA-26].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Taxes Real Estate