On December 16, 2014, President Obama signed a bill which extended the 2007 Mortgage Debt Relief Act through December 31, 2014. The mortgage Debt Relief Act provides tax relief to individuals who have had mortgage debt forgiven as a result of short sale, principal reductions or foreclosure sales. The last extension to the Debt Relief Act expired December 31, 2013 leaving many facing serious tax consequences as a result of short sales or foreclosure sales. With this extension, tax consequences resulting from short sales, foreclosures and other forms of mortgage debt cancellation that closed prior to December 31, 2014, may be eligible for relief under the Act (for more information on eligibility see: http://www.irs.gov/Individuals/The-Mortgage-Forgiveness-Debt-Relief-Act-and-Debt-Cancellation-). In typical fashion, Congress left the decision to further extend the Act to 2015, or beyond, to the new Congress.
Forest Service Issues Final Decision — Incline Lake will be a lake no more.
On January 2, 2015, the United States Forest Service issued its final decision that the Incline Lake dam will not be rebuilt and the lake will not be refilled. The decision is linked here. The other competing alternative, rejected by the Forest Service, was to reconstruct the dams and restore the lake for recreation and as a fishery. The Forest Service’s explanation of the competing alternatives and the basis for its conclusions are set forth in the notice linked above. Overall planning for the site has been in limbo since the Forest Service acquired Incline Lake as part of a 777 acre transaction, due to the need to first determine the fate of the lake and the dams. With this decision, further planning for the site can proceed.