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President Bush signed a
bill yesterday that gives a tax break to homeowners who have mortgage
debt forgiven as part of a foreclosure or renegotiation of a loan, the
Associated Press reported yesterday. Currently such debt forgiveness is
categorized as taxable income. No taxes would be owed under the new law
on the value of any debt forgiven or written off. "When you're worried
about making your payments, higher taxes are the last thing you need to
worry about," Bush said. While the measure
is anticipated to reduce taxes of some strapped homeowners by $650
million, the cost to the government would be offset in part by limiting
a tax break available on the sale of second homes. Read
more. President Signs Tax Bill To Help Foreclosed Homeowners |
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