Submitted By: someone
Answered: March 24, 2017 8:41 am

Is the HAFA payment I received taxable?

The Home Affordable Foreclosure Alternatives (HAFA) Program is a federal program to help distressed homeowners retain their homes. Payments received under the program usually are not taxable. They are treated as payments on the mortgage loans by the government on behalf of borrowers and are excludable from gross income under the general welfare doctrine.

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Tax Glossary

Placed in service

The time when a depreciable asset is ready to be used. The date fixes the beginning of the depreciation period.

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