Many Californians Faced with High Taxes on Mortgage Debt Forgiveness
Home foreclosures and the resulting banking mess it can lead to has money homeowners facing what is known as mortgage debt forgiveness. While it may sound like a good thing, many homeowners do not realize that mortgages debts, which are forgiven or cancelled may be counted as income and subject to taxation. This is especially true in California where a battle between the Governor and state lawmakers is heating up.
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