The Internal Revenue Service is finally 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 (see Grassley, Colleagues Urge IRS Help on Loan Forgiveness). In response, the IRS has opened a new section of its IRS.gov Web site that offers information about special relief provisions that could reduce the tax bite for people who have lost their homes.
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