The IRS has developed information and Web resources to assist taxpayers with the tax issues presented by foreclosure.
Key Points:
*The Internal Revenue Service unveiled a special new section on www.IRS.gov for people who have lost their homes due to foreclosure.
*The IRS also reassured homeowners that although mortgage workouts and foreclosures can have tax consequences, special relief provisions can often reduce or eliminate the tax bite for financially strapped borrowers who lose their homes.
Resources:
*IRS 2007-159 – The news release IR 2007-159 provides additional background. The
news release and FAQs can also be found at http://www.irs.gov/newsroom/article/0,,id=174022,00.html
The direct link to the FAQ’s is http://www.irs.gov/newsroom/article/0,,id=174034,00.html
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