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Mortgage Tax Break in Danger of Expiring

By: Big 2 News Staff
Updated: December 26, 2012
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With all the talk of the fiscal cliff, there's also a housing related tax cut that needs congress' attention.

A tax break that saves struggling homeowners is just days away from expiring.

The Mortgage Forgiveness Debt Relief Act was established in 2007 in the middle of the foreclosure crisis.

If congress doesn't extend it by the end of the year, homeowners will start paying income taxes on the portion of their mortgage that is forgiven in a foreclosure.

So far, very little has been done to extend the act as Republicans and Democrats "butt heads" over the fiscal cliff.

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