Mortgage-Forgiveness-Debt-Relief-ActLast night the United States House of Representatives extended the income tax exemption on mortgage debt forgiven in a short sale or a workout for principal residences.

The bill containing the income tax exemption on forgiven mortgage debt and other expired tax provisions passed by a vote of 378 to 46. However, The United States Senate has not yet voted on the measure.

We hope for the best. Let’s get it extended!

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