Tax Debt Help – Relief for Foreclosures
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
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