By: Les Christie, CNNMoney, April 8, 2010
Did you lose your house to foreclosure this year? Did your lender forgive some of your mortgage debt because you sold it for less than it was worth? If so, you could be facing a big tax hit.
In general, if you lose your home to foreclosure or short sale, where you sell your home for less than you owe, the IRS won't add insult to injury by counting the difference as income. At least until 2012.
There are four major exceptions to the rule,,,
Read more here: http://money.cnn.com/2010/04/08/pf/taxes/taxes_mortgage_debt/index.htm
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