Good News Comes Early This Year

Rather than the White Knuckle Ride of 2014, Congress and the President appear to be treating short selling home owners in 2015 to a White Christmas.  The black mark of debt forgiveness is being washed clean, at least for tax purposes.    For those successfully completing a short sale of their primary residence  in 2015 & 2016, the Mortgage Relief Debt Forgiveness Act is being revived and should relieve sellers of the obligation to pay tax on the phantom income attributed to them by lenders after a short sale.

Read the latest reason for Cheer  at    http://thehill.com/policy/finance/263394-struggling-homeowners-regain-tax-break-in-extenders-package

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