Look out for tax hit after home loss
“In a package of proposals aimed at easing foreclosure worries for homeowners having trouble making their mortgage payments, President Bush called last week on Congress to temporarily make some borrowers exempt from a little-known tax that kicks debtors when they’re down.
The provision, which assesses income tax on canceled or “forgiven” debts, can be triggered when a lender forecloses on a home or agrees to accept the proceeds of a property sale for less than the balance on the loan.”
Complete article can be found here:
http://www.latimes.com/business/investing/la-fi-perfin2sep02,1,1737597.column?coll=la-utilities-business-money
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