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Short Sale Tax Credit May End In 2012


Can Short Sale News Get Any Worse

As if underwater homeowners don't have enough issues to deal with, the tax liability associated with forgiveness of debt due to a mortgage loan may end on December 31, 2012.

If banks submit Form 1099-C, Cancellation of Debt to the Internal Revenue Service after that date, the amount of the "Forgiveness" will be taxable unless congress acts.

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