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State Lawmakers Pass 11th Hour Bill Allowing Many Californians To Dodge State Income Tax On Debt Forgiveness On Short Sales, Foreclosures, Loan Mods

By r morris

In Sacramento, California, The Sacramento Bee reports:Tax relief is on the way for thousands of fearful California mortgage borrowers. Most no longer face a double whammy of losing their homes ? and then paying a big state tax bill on the forgiven debt. State lawmakers Thursday passed SB 401, a bill by Sen. Lois Wolk, D-Davis, to exempt borrowers who lost homes to foreclosure or short sales in

Full post as published by The Home Equity Theft Reporter on April 11, 2010 (boomark / email).