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Hurry and cash in on short-sale tax savings – MarketWatch

CHICAGO (MarketWatch)—An increasing number of homeowners who are underwater on their mortgage are selling their homes by short sale, and that could become an even more popular option during the rest of the year.

That’s partly because of a law set to expire at the end of 2012 that offers tax relief for homeowners who sold their home in a short sale or have had some other sort of mortgage debt forgiven or canceled, such as in a foreclosure or modification that included principal reduction. While there are efforts in Washington to extend these tax benefits, it’s hard to guess whether they’ll be renewed.

So those who think they might be able to take advantage have been stepping up, while they still can.

via Hurry and cash in on short-sale tax savings – Amy Hoak’s Home Economics – MarketWatch.

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