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Debt Forgiveness Time Clock is Ticking
This is very valuable information that I felt important to pass on.  Have a Happy Day and once again I thank Joe for a great Post!
“Debt Forgiveness Time Clock is Ticking”
The debt forgiveness tax exemption is due to expire 12/31/12. Can you imagine the amount of folks in this country, that would most likely put a stop to the short sales that are in process or will happen in the future?
Right now the loss associated with the sale of the property is considered income, but has been tax exempt to the last 5 years.
The Congress and Senate will need to extend this law, in order for the real estate sales to continue, so that homeowners can get out of the underwater properties.
If the law is not extended, we will have the beginnings of another real estate downturn, which no one wants.
Clock ticking on forgiven-debt tax break
By: Carolyn Said
Greg Annis just got approval to short-sell his Pleasanton condo, seven months after he applied. He was concerned about the year-end expiring of the "forgiven debt" tax exemption. Photo: Michael Short, Special To The Chronicle / SF
Greg Annis just got approval to short-sell ... more

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