The IRS is taking pity on some homeowners caught in an economic crisis. (IRS News Release IR-2007-159, 9/17/07) Generally, if you lose your home to foreclosure, the IRS taxes the excess of the foreclosed debt over the value of the home. But the IRS now indicates it may allow taxpayers to waive part of the tax or stretch out payments overtime. Insolvent debtors can benefit from a special tax exclusion.
For more details, visit www.irs.gov. Click on the tab “Tax Relief May be Available for Some Who Lose Homes.”
- Small Business Tax Deduction Strategies No matches