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	<title>Money Management Software Blog &#187; tax relief</title>
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		<title>Tax Relief from Mortgage and Credit Debt Settlement</title>
		<link>http://moneymgmtsolutions.com/blog/debt-handling/tax-relief-from-mortgage-and-credit-debt-settlement/</link>
		<comments>http://moneymgmtsolutions.com/blog/debt-handling/tax-relief-from-mortgage-and-credit-debt-settlement/#comments</comments>
		<pubDate>Sun, 03 Jan 2010 21:38:38 +0000</pubDate>
		<dc:creator>Sandra</dc:creator>
				<category><![CDATA[Accounting]]></category>
		<category><![CDATA[Credit]]></category>
		<category><![CDATA[Debt Handling]]></category>
		<category><![CDATA[Money Management]]></category>
		<category><![CDATA[Taxes]]></category>
		<category><![CDATA[credit debt]]></category>
		<category><![CDATA[debt]]></category>
		<category><![CDATA[foreclosure]]></category>
		<category><![CDATA[Income Tax]]></category>
		<category><![CDATA[IRS]]></category>
		<category><![CDATA[mortgage]]></category>
		<category><![CDATA[tax relief]]></category>

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		<description><![CDATA[You can apply for income tax relief for up to $2 million (or $1 million if married and filing separately) in debt that is cancelled, or forgiven, by your mortgage lender on your primary residence. The law has been extended through 2012 under the Emergency Economic Stabilization Act. If you have lost your home through foreclosure or have restructured your mortgage loan, you may qualify for this tax relief under the extended tax law called the Mortgage Forgiveness Debt Relief Act of 2007. The claim can be made by using IRS Form 982. There are two qualifying factors that must be met on the mortgage debt exclusion: 1) it must be your primary home, and 2) the debt must have been used to buy, build, or make substantial improvements to the residence to which the mortgage applies. Certain business or farm property may also qualify for tax-free treatment, so check with [...]]]></description>
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