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| Short Sale And Your Taxes |
"The Mortgage Forgiveness Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies as relief" (source: irs.gov)
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Click on the link above to get access to Form 982. Contact your accountant about how you can use this form to your benefit when you do a short sale on investment properties of second homes.
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HOME BUYER TAX CREDIT: Email us at info@knoxvilleforeclosurehelp.com to get information on how a short sale works for someone who received the Home Buyer Tax Credit.
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