Tax relief for homeowners set to expire

Illinois Attorney General Lisa Madigan urged Congress, along with Attorney Generals from other states, to extend the tax relief granted under the Mortgage Debt Relief Act beyond its current expiration of December 31.  Under the current act, a homeowner that gives up his home through foreclosure, a short sale or loan modification does not have to include the forgiven mortgage debt as taxable income.  Without Congressional action, this tax relief will expire at the end of the year.

For more read, “Madigan urges Congress to extend tax relief to struggling homeowners.”