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

High deductible health plan (HDHP)

For 2007, a high deductible health plan is a health plan with an annual deductible that is not less than $1,100 for self-only coverage or $2,200 for family coverage, and with annual out-of-pocket expenses that do not exceed $5,600 or $11,200, respectively.

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