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Thursday, March 20, 2008

Mortgage Debt Forgiven

Thanks to legislation passed by Congress, effective Jan. 1, 2008, distressed homeowners will not be required to pay taxes on mortgage debt written off or forgiven as part of a bankruptcy, short sale, foreclosure, or renegotiation that involves the homeowner's principal residence. Under the Mortgage Forgiveness Debt Relief Act of 2007, up to $2 million of indebtedness is shielded from taxes if the debt is the result of construction, acquisition, and major improvement of the principal residence. The act applies to debt discharges from Jan. 1, 2007 through Dec. 31, 2009.
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