It’s tax season, and many of you are wondering just what sorts of new rules you can expect. The tax rebate we’re all excited about is not something that will affect this year’s taxes. It’s a rebate on the taxes paid last year. However, there are some things that will go into effect for this year. One of these things is mortgage debt forgiveness tax relief.

Under the old rules, if you had mortgage debt forgiveness, you had to pay taxes on that, as if it were income (never mind that you never actually got the money in your hands). Now, with the current tax relief bill, your mortgage debt forgiveness is exempt. But only through 2009, and only on a primary residence.

For more information, visit the IRS Web site, or speak with a knowledgeable tax attorney or accountant.