Quick Tip: Have you short-sold your home??

12 Apr

If your mortgage debt is partly or entirely forgiven during tax years 2007 to 2012, you may be able to claim special tax relief and exclude the debt-forgiveness income.

Normally, debt forgiveness results in taxable income. But under the Mortgage Forgiveness Debt Relief Act of 2007, you may be able to exclude debt forgiven on your principal residence.

Speak with your tax professional to find out if you qualify.

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