Time Is Running Out For Avoiding Taxable Income On Your Foreclosure



It seems that the ultimate “insult-to-injury” scenario would be to lose your personal residence to foreclosure or a short sale, then find out that you owe taxes on the “income” you “received” as a result. But that is exactly what could happen to millions of homeowners who will face foreclosure or be forced into a short sale on their personal home after December 31, 2012.

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