IRS OFFERS FORECLOSURE VICTIMS ADVICEWashington, D.C. - The Internal Revenue Service is reaching out to former homeowners who have suffered foreclosure and now are being hit with taxes on any money they were forgiven on their mortgages.
The effort comes after Senate Finance Committee members urged the IRS to do more to help families who have lost their homes in a foreclosure and are now facing unexpected tax bills. In response, the IRS opened a new section of its IRS.gov Web site that offers information about provisions that could reduce the tax bite for people who have lost their homes.
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