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Short Sale Tax Credit May End In 2012

02/03/2012

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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