rental property tax deductions: Tax Tips for Homeowners of Short Sale or Foreclosed Real Estate - 03/16/10 07:15 PM
This is some great info that you can share with your clients, expecially those who have experienced short sales and foreclosures:
Short Sale/Foreclosure Tax Tips

If your mortgage debt is partially or entirely forgiven during tax years 2007 through 2012 due to short sale or foreclosure, you may be able to claim special tax relief and exclude the debt forgiven from your income. Here are 10 facts the IRS wants you to know about Mortgage Debt Forgiveness due to short sale or foreclosure.
1. Normally, debt forgiveness due to short sale or foreclosure results in taxable income. However, under the … (9 comments)

 

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