2012-02-23propublica.org

"You bought your house when the market was high and then lost your job. In order to avoid foreclosure, you negotiated a short sale for half of what you paid, ruining your credit rating for years and draining your bank account. But there is a tiny silver lining: Thanks to a 2007 law, you don't have to pay taxes on the $100,000 of debt your bank forgave as part of the short-sale agreement. This week, real estate columnist Kenneth R. Harney pointed out that this important tax break will expire at the end of 2012 "



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