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Released: November 07, 2012
Tax break for struggling homeowners set to expire
Source: Les Christie, CNNMoney.com
The clock is ticking on a tax break that saves struggling homeowners from paying thousands of dollars to the IRS. If the Mortgage Forgiveness Debt Relief Act of 2007 does not get extended by Congress by the end of the year, homeowners will have to start paying income taxes on the portion of their mortgage that is forgiven in a foreclosure, short sale or principal reduction.Read Full Article: Tax break for struggling homeowners set to expire
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