Mortgage Foregiveness Tax Relief
Since the mortgage debt relief exemption expired at the end of 2013, distressed homeowners working with lenders to stay in their homes and avoid foreclosure or who have been forced to sell for less than the amount owed on the mortgage have faced the possibility of paying a huge tax bill on the money lost and forgiven by the lender.
The link here is to a story by the New York Times which explains why it is critical Congress to extend the Mortgage Forgiveness Tax Relief Act. The housing market is critical to the overall economy and we should not do anything to impede the recovery that is in progress.