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Who owes the IRS millions? Uncle Sam

White House supports foreclosure tax break

As the focus intensifies on residential foreclosures -- past, pending and impending -- the White House has decided to add its two cents to the discussion.

White_house_icon Today the Administration released a fact sheet outlining what is sees as remedies to help homeowners who are in over their heads.

Among the options cited is a change in tax law so that canceled residential mortgage debt is not taxable. The White House document specifically mentions two bills -- H.R. 1876 and S. 1394 -- that I blogged about last week.


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