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Tax Hit Looms on Mortgage Relief

Fri, 2012-11-30 08:31 — Mortgage News Ticker

Troubled homeowners who get a break from their mortgage lenders might not be so lucky with Uncle Sam, and could face hefty tax bills unless Congress acts to extend a key provision.

The tax provision currently allows some homeowners—mostly those facing foreclosure—to avoid paying taxes on certain relief they receive on their mortgages.

Please read the full article on The Wall Street Journal

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