The Mortgage Tax Forgiveness Bill Was Signed by the President Yesterday (see the post below this) The bill: - Excludes the debt forgiven on a qualified principal residence from the definition of gross income subject to income tax (Sec. 2). - Reduces the income tax breaks on most gains from the sa
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12/21/2007
Yesterday - the president offered a Christmas present to many people who have suffered the agony and humiliation of losing their home due to a short sale, foreclosure, deed in lieu of foreclosure or any similar arrangement that relieves the borrower of the obligation to pay some portion of their
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12/21/2007