Mortgage Debt Tax Forgiveness Act of 2025

Summary

Mortgage Debt Tax Forgiveness Act of 2025 This bill makes permanent the exclusion of the discharge of qualified principal residence indebtedness from gross income for federal tax purposes. Under current law, a taxpayer may generally exclude from gross income up to $750,000 (or $375,000 if married but filing a separate federal tax return) from the discharge of indebtedness that is (1) incurred to purchase, build, or substantially improve a principal residence (or refinance such indebtedness); and (2) secured by the principal residence. The discharge must currently occur before January 1, 2026, and some limitations apply.

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2 official files

• Introduced in House

  Introduced in House · EN · 4 February 2025

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 4 February 2025

  Open at official source

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