home foreclosure Tag

09 Mar Ten Tax Facts About Mortgage Forgiveness

Home foreclosure numbers are growing despite (inadequate) government efforts to stem the tide. Due to falling prices and a floundering economy more homes are likely to be lost in the future. The Mortgage Forgiveness Debt Relief Act of 2007 provides some relief from possible tax liability associated with foreclosure. With this in mind, the IRS has published a list of ten facts it wants taxpayers to know about debt cancellation associated with Mortgage Foregiveness. In the words of the IRS, direct from their website:
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