logo
Featured on 40:     Online Obsession     40 Force: Pets & Vets     Monster Jam Tix     ABC Celebrates     Weather Discussion    
share on facebook share on twitter
Breaking News
Islamic State group beheads Japanese journalist Read more

Tax Break for Struggling Homeowners Set to Expire

(CNN) — A tax break that saves struggling homeowners from paying thousands to the IRS may be on the chopping block.

Congress has yet to extend the Mortgage Forgiveness Debt Relief Act of 2007.

The act saves homeowners from paying taxes on the portion of their mortgage that is forgiven in foreclosure, short sale or principal reduction.

If the tax break expires more than 600,000 homeowners a year may be affected.


Comments

WGGB encourages readers to share their thoughts and engage in healthy dialogue about the issues. Comments containing personal attacks, profanity, offensive language or advertising will be removed. Please use the report comment function for any posts you feel should be reviewed. Thank you.
blog comments powered by Disqus