A tax package unveiled last week could help some struggling homeowners
get the tax relief they need.
Normal tax law imposes income taxes on any debt that is forgiven, meaning
that a homeowner who is able to complete a short sale or reduce the principle
on a home loan would still owe taxes on the amount they saved. Under the
new bill, homeowners who short sell their homes to escape unmanageable
mortgages would not have to face hefty bills at tax time thanks to an
extension of a temporary provision passed by Congress which expired at
the end of 2014. The bill’s language specifies that the provision
will retroactively apply back to the beginning of 2015 and run through
the end of next year.
For more information, please consult with a Chicago foreclosure attorney
at Sulaiman Law Group, LTD.
Finding Comprehensive Solutions to Your Debt Struggles
If you are facing foreclosure or are struggling with unmanageable debt,
turn to the professionals at Sulaiman Law Group, LTD. Our team of Chicago
bankruptcy attorneys is prepared to review your case and discuss what
options are available to bring you the relief you need. In our years of
practice, we have helped thousands of people break free from crushing
debt through a variety of effective legal means. With an A+ Rating from
the Better Business Bureau and a perfect 10.0 Superb Avvo Rating, you
can be confident in the ability of our attorneys to assist you in any
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