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My husband and I sold our home in IL in May 2014 through a short sale due to his job transfer ot of state. (2) questions: Has there been any movement on the bill to extend the Mortgage Forgiveness Act that expired Dec 2013 ? And do you know of any exceptions to the cancellation of debt IRS law due to job relocation? Thank you

Cancellation of debt income
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John Stancil
As far as I know, there are no exceptions for cancellation of debt income due to a job relocation. There is currently a bill before Congress to extend many of the expired tax provisions. The extension of the Mortgage Forgiveness is included in the bill. Most of what I read indicates that Congress will do the extension, but that is not an certainty. Whether this provision remains in the bill is yet to be seen.
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