Up to 2 million in taxable income may be forgiven for the years 2007 through 2012 according to IRS Mortgage Debt Relief Act of 2007.This law prevents debt forgiven by a lender from being counted as income by the IRS. HR 3648. If a homeowner negotiates any type of short sale with a lender, the homeowner will not be liable for any taxes on the forgiven debt. Click on the title to read more.
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