Good day. I’m Dr. Friday, President of Dr. Friday Tax and Financial firm. To get more info go to www.drfriday.com.

Mortgage forgiveness debt relief. The maximum amount of discharge debt out of principal residents through foreclosure or debt reconstruction may be excluded from your income, up to the lowest is 2 million down to $750,000. And this was a limitation applied back in December 31, 2020 and it runs all the way through January 1 of 2025. So basically, you have the ability to basically think about. If you’re upside down you need to reconstruct because 2020 was a really bad year 2021 didn’t get a bunch better, take a look at what you can do, and that won’t affect your taxes. Be smart.

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