Is Tax Relief for Short-Sale Debt at Risk?

Debt forgiveness relating to short sales is considered taxable income by the IRS. A federal law that temporarily relieves this tax burden by making the debt forgiveness from a short sale or a mortgage principal reduction not taxable is about to expire. If Congress doesn’t renew the provision, many in the real estate industry speculate that short sales will drastically decrease. 

Short Sale Relief at Risk?.

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