You May Not Have To Pay Taxes on Forgiven Debt

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People who have lost their homes through foreclosure (or short sales) or who have restructured their mortgage loans may qualify for tax relief under a new tax law, the Mortgage Forgiveness Debt Relief Act of 2007.

Highlights of Mortgage Debt Relief:
  • You may exclude up to $2 million of debt forgiven or canceled by a mortgage lender on a main home.
  • Both mortgage restrucuring and foreclosures qualify
  • Now available for the years 2007 through 2012.

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