Monday, September 24, 2007

IRS Offers Guide for Homeowners in Foreclosure

From my friends at the Michigan Association of Certified Public Accountants:

The IRS unveiled a special new section on IRS.gov for people who have lost their homes due to foreclosure. The IRS also reassured homeowners that, although mortgage workouts and foreclosures can have tax consequences, special relief provisions can often reduce or eliminate the tax bite for financially strapped borrowers who lose their homes. The question and answer page on IRS.gov has a variety of information, including a worksheet designed to help borrowers determine whether any of the foreclosure-related relief provisions apply to them.

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