After Short Sale A 15,000 Tax Bill Extend Mortgage Debt Forgiveness Act Or Pay Uncle Sam.

If the mortgage debt forgiveness act is not extended homeowners whose banks have forgiven unpaid mortgage debt after a short sale, principal reduction or foreclosure will be required to count that money as income on their tax returns.Many homes are going for half as much as they originally where when they were purchased.that means Tax bills from 10,000 to 30,000 after a short sale.Taxed in money that the owner never had from the start,that is not I'm the back or stashed in under the mattress.This goes beyond people whom bought to much house this is about people whom suffered lost income,less take home pay,increase cost of living or simply people who's new jobs may be in another state and may need to relocate and need sell their current home.