Tax Guru – Ker$tetter Letter

Helping real people win the tax game.

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Archive for August 22nd, 2007

Posted by taxguru on August 22, 2007

Foreclosure’s other shoe: a big tax bill – Nothing new here.  Debt relief has always been considered income.  I don’t see this as that big a deal because I’m sure many of the people who have gains from foreclosures will also have qualifying unforeseen circumstances that allow the prorated tax free exclusion of gain under Section 121.

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