Mortgage Debt Relief Act 2007

What Are The Tax Consequences of a Massachusetts Short Sale?

February 7, 2012

As tax season approaches, and more importantly, the expiration of the Mortgage Debt Relief Act of 2007, it is important to review the tax consequences following a short sale. ┬áIn general, the IRS will treat any canceled debt, such as forgiveness of a mortgage loan, as taxable income. Thus, if you live in a recourse […]

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