Senate bill would give tax forgiveness on mortgage relief

The bipartisan measure would tax forgiveness on loans where principal is reduced.

By Peter Fabris, Contributor | March 12, 2015

A bill recently introduced in the U.S. Senate would ensure that homeowners don't have to pay taxes on mortgage relief. The bipartisan measure would ensure through 2016 tax forgiveness on loans where principal is reduced.

Without the legislation, homeowners would be required to pay additional taxes when they receive mortgage principal forgiveness on their homes or sell their homes in a short sale.

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