Middle class people whose homes are being foreclosed cannot afford to pay taxes on the difference between the original loan, and what the bank will get at a foreclosure sale. All these homes are underwater and the difference is in tens of thousands of dollars., all considered taxable income, regardless of inability to pay.
Please give sunken homeowners relief from the garnishments and other penalties the IRS will levy if this program is allowed to expire on 12/31/12.
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