Mortgage Workouts, Now Tax -Free For Many Homeowners; Claim ...
Normally, debt forgiveness results in taxable income. But under the Mortgage Forgiveness Debt Relief Act of 2007, enacted Dec. 20, taxpayers may exclude debt forgiven on their principal residence if the balance of their loan was ... Read Document
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Year extension of this proposal is estimated to cost $132.2 billion over ten years. This provision was created in the Mortgage Debt Relief Act of 2007 to prevent The IRS is authorized to disclose ... View Doc
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End Of Mortgage-Fix Break Could Mean Big Tax Bills
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Normally, debt forgiveness results in taxable income. However, under the federal Mortgage Forgiveness Debt Relief Act of 2007, taxpayers may exclude debt forgiven on their principal residence ... View Full Source
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