New tax exemptions

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Tax Exemptions May Change

by ritasimpson October 26, 2012 Money Talk

End is nigh for certain tax exemptions
Currently, any debt forgiven by a lender in a short sale, loan modification, or foreclosure is exempt from federal taxation.  However, that exemption is scheduled to expire Jan. 1, 2013.

Making sense of the story

Borrowers will have to count mortgage relief from lenders as income on their federal tax returns, …

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