As of now, Congress has yet to extend the Mortgage Forgiveness Debt Relief Act, which provides a tax break for qualified homeowners on debt forgiven by their lenders through loan modifications, short sales, and foreclosures. The current legislation is set to expire on December 31, 2012, therefore, if you attempting to complete one of the above-mentioned transactions with your lender, it is best to aim for completing the transaction prior to the end of this year in order to avoid potential huge tax consequences.
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