IRS explains tax rules on foreclosures and mortgage forgiveness!

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07-22-2008, 12:23 PM

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IRS explains tax rules on foreclosures and mortgage forgiveness!

A new publication has been introduced by the IRS explaining the tax rules on foreclosures and mortgage forgiveness. Publication 4681 includes the 2007 tax change exempting up to $2 million of mortgage debt forgiven on a primary home. In addition, the Publication 4681 discusses other "waived debts" that includes farmers, businesses, and individuals who are insolvent or file for bankruptcy.

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