Foreclosure in 36527>Question Details

Sylvia Stewa…, Real Estate Pro in 36532

Just what is the Emergency Economic Stablization Act of 2008 that President Obama signed?? Doesn't it prevent IRS from trying to tax the

Asked by Sylvia Stewart, 36532 Wed Feb 17, 2010

deficiency as income??? Confused! Sylvia Stewart
REALTOR
Keller Williams

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The Act you are looking for is The Mortgage Forgiveness Debt Relief Act and Debt Cancellation. Here is the link for it (below).
1 vote Thank Flag Link Wed Feb 17, 2010
Sylvia President Bush signed a law into effect that helps home owners that went into a short sale. They just need to file the proper papers with the IRS. This does not apply to second homes or investment properties. Here is a link.
http://www.irs.gov/newsroom/article/0,,id=174034,00.html
Web Reference: http://www.Find1Home.com
0 votes Thank Flag Link Wed Feb 17, 2010
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