Bush signs foreclosure relief measure into law
WASHINGTON - President Bush on Thursday signed a measure to provide financial relief for financially strapped homeowners facing foreclosure or bankruptcy.
The bill gives a tax break to homeowners who have mortgage debt forgiven as part of a foreclosure or renegotiation of a loan. No taxes would be owed on the value of any debt forgiven or written off. Currently such debt forgiveness is taxable income.
For those who are not aware, Jessica and I had to negotiate a forgiven debt in order to sell our home. Well, we have been scraping and checking under the cushions in the couch to save up for the taxes that would have been owed for this forgiven debt. Well, my accountant is currently checking, but it looks like we may have just caught a break. Hopefully this new bill applies to us!
Friday, December 21, 2007
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3 comments:
that's exciting...now you can buy a pony or a tortoise.
I'd go with the tortoise because they live to be like 100 years and then some.
Merry Christmas!
That would be great!! Hope it works out...
Love ya!!
Merry Christmas!
That is quite possibly the scariest post title I've ever heard. But hopefully this will help you guys. Seems like something this government does should help someone. :)
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