Tax Relief for Foreclosures
People who have lost their homes through foreclosure or who have restructured their mortgage loans may qualify for tax relief. Normally, debts that are canceled by a lender are considered taxable income. But a change in the tax law makes mortgages on a main home exempt from the tax on canceled debts.
Related information:
- How to Stop Foreclosures [About Home Buying]
- Home Sellers Might Owe the IRS on a Foreclosure or Short Sale [About Home Buying]
- New IRS tax form helps homeowners with mortgage relief [Accounting Web]
A special thanks goes to Wm. Perez, Financial Advisor for About.com for the great information and links.
S. Raines, Sr. Financial Advisor/Tax Preparer
My StumbleUpon Page
No comments:
Post a Comment