Bill to Extend Debt Forgiveness Income Proposed

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From DS News

Bill Seeks to Extend Federal Tax Exemption for Forgiven Mortgage Debt

Congressman Bill Foster of Illinois introduced legislation on Tuesday that would extend the mortgage debt tax exemption that's been in place since 2007 for another two years. The Mortgage Debt Relief Act of 2007 gives tax-exempt status to debt that is reduced or cancelled through a loan modification or forgiven through a foreclosure or short sale. This tax relief, however, expired on December 31, 2013. » Read More

 

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