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Friday, October 26, 2012

Will the Mortgage Debt Forgiveness Exemption Expire on 1/1/13?

Currently, any debt forgiven by a lender in a short sale, loan modification, or foreclosure is exempt from federal taxation. However, that exemption is scheduled to expire Jan. 1, 2013.


http://www.nytimes.com/2012/10/21/realestate/mortgages-end-is-nigh-for-certain-tax-exemptions.html?ref=realestate&_r=1&

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