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President Bush Signs H.R. 3648, The Mortgage Forgiveness Debt Relief Act of 2007
By:
Sbyrnes
On: 2007-12-20 This Act will create a three-year window for homeowners to refinance their mortgage and pay no taxes on any debt forgiveness that they receive. Previously, if the value of your house declines, and your bank or lender forgives a portion of your mortgage, the tax code treats the amount forgiven as income that can be taxed. |
