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Tax Attorneys Respond to Homeowners Facing Penalizing Foreclosure Taxes
Carlsbad, CA (PRWEB) December 8, 2007 -- In order to avoid their home being foreclosed, homeowners are able to rearrange their mortgage and treat the amount they save through the new terms as "realized income." However, escaping the potential loss of their home, they will receive a letter from IRS with due income taxes on the loan modification. Tax Attorney Help, a specialized group of tax attorney experts, believes they have the solutions to ease the burdens of homeowners while also trying to find different options to the problem.
Letters are being written to Congress, by the thousands, to pass the Mortgage Cancellation Relief Act of 2007, which would exempt that money from being taxed. States throughout the country have called for support of the proposed legislation that could alleviate the problem of record foreclosures.
Nevada, which has the nation's highest rate of pre-foreclosure filings for the last 10 straight months, is among a list of states that fully support any legislation that will help to reduce the growing number of foreclosures. At a time when main goals have been set to keep families in their homes, there is no help in a tax that kicks them out. As more and more frightened homeowners make their way to find help from companies like Tax Attorney Help, there are steps being made to a better solution.
About Tax Attorney Help:
Tax Attorney Help is a widely known resource for tax help. From fraud to home foreclosures, there are specialized attorneys at hand to help in any case that comes their way. In a growing business, they are reliable and trustworthy and are trained to help any type of tax issue.
For more information on foreclosure taxes or help with any tax issue, visit www.taxattorneyhelp.com.
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