Archive for April, 2010

Tax Forgiveness for Homeowners Going Through Foreclosure & Short Sale

New CA legislation would provide tax forgiveness for sellers who owe more than their house is worth. Under the new law the shortfall would be forgiven rather than treated like income as it has in the past.

The IRS adopted this forgiveness in 2007, and in certain cases the IRS form 982 can be used. We advise that you consult a tax professional for details.

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