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02-10-2009, 01:47 AM
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Tax question on foreclosure of home.?
I have a friend that lost her job last year and she had to let her house go into foreclosure. She got a letter from the mortgage company stating she owed $80-M and the house sold for $70-M and the $10-M was written off.Now she is being told that she has to claim the $10-M on her taxes and will have to pay federal taxes on it. Is this correct and is there a website we can go to that will have information about this.
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