Home sellers, who sell through the short-sale process currently don’t have to pay federal taxes on the amount of debt that is forgiven because of a bailout-era law knows as the Mortgage Relief Act. That act is set to expire December 31st and unless it is extended, taxpayers will be taxed on that relief. According to RealtyTrac, the average amount of debt that is forgiven in a short sale is $95,000. See CNN video and article.
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