If you lost your principle residence to foreclosure this year, the - TopicsExpress

If you lost your principle residence to foreclosure this year, the tax extender bill may have good news for you. The relief for Principle Residence Indebtedness was extended until December 31st, 2014. This means that if your lender forgave any of your mortgage at foreclosure (which would then become taxable income to you), you might be able to exclude the canceled debt from your taxable income on your taxes. I am pretty sure I talked to a couple of you during tax season this year who were worried about this very thing.

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