The Mortgage Forgiveness Debt Relief Act expires on the 31st of December 2012, and since short sales take a minimum of six months to complete, the income gained from the selling of a foreclosed home could be, once again, eligible for taxation. Millions of homeowners are now facing this grim reality because previously the income gained from the sale of a house undergoing foreclosure was tax-free, but after this year this won’t be the case … Continue reading →