Homeowners whose mortgage lenders allow them to walk away from their debt got a big break from the new Tax Increase Prevention Actjust passed by Congress. Under the old law, debt forgiveness was considered taxable income in many cases - pretty painful stuff when the reason you couldn't pay your mortgage was because you didn't have the cash.
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By Helen Huntley, Times Personal Finance EditorPublished January 6, 2008
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Sunday, January 06, 2008
Tax Increase Prevention Actjust passed by Congress
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