IRS Adds Home Foreclosure Education Website
(UNDATED) - The spike in home foreclosures in Indiana and across the United States has led the Internal Revenue Service to add a special section on its website.
IRS Spokeswoman Jodi Reynolds says the new section has tax relief information for those who risk losing their homes. "It's for individuals who are facing foreclosure and the sale of the home after the foreclosure has taken place," Reynolds said.
Under the current tax law, if the debt wiped out through foreclosure exceeds the value of the property, the difference is normally taxable income.
The IRS cautions struggling homeowners to consider all of their options before giving up their homes. Reynolds says a short sale is one option, but says it depends on each homeowner's circumstances.
The new foreclosure tax relief section has already launched and is available online at irs.gov.
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