There’s been a lot of confusion about what this whole debt relief act means for homeowners facing foreclosure. Below is a link to a great article that provides clarification on how may homeowners may be able to claim special tax relief by filling out newly-revised IRS Forms. Those who may qualify for this relief includes debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure. Take a look at the article to read how the IRS Department of the Treasury explains the mortgage workouts.
Mortgage Forgiveness Debt Relief Act of 2007
http://www.irs.gov/irs/article/0,,id=179073,00.html
1 response so far ↓
1 Dan Lyman (1 comments) // Oct 28, 2008 at 10:15 am
This is great for stuggling homeowners. And a great tool for our business. Thank you so much for sharing this valuable info.
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