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Short sales could be hit if debt forgiveness law expires

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A law exempting homeowners from paying income tax on debt forgiven by the bank in a short sale is set to expire at the end of the year. If it is not renewed, it could affect the local short-sale market, experts said. The Mortgage Forgiveness Debt Relief Act of 2007 allows taxpayers to exclude income from the discharge of debt on their principal residence. This comes up when homeowners and their...

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