The House has again passed the Mortgage Forgiveness Debt Relief Act, an effort to help people whose homes have been foreclosed by canceling taxes on any mortgage debt they have been forgiven.
The bill amends current law, which requires taxpayers to include discharges of mortgage indebtedness as income and to pay tax on this income. It provides a three-year exclusion for discharges of up to $2 million of indebtedness.
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