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White House Seeks Extension of Mortgage Cancellation Tax Relief

President Barack Obama in his fiscal year 2013 budget request recommends extension of NAR-supported mortgage cancellation tax relief. That relief permits taxpayers to exclude from taxable income some or all of the mortgage debt forgiven by a lender in a foreclosure, short sale, or loan modification. That relief is scheduled to expire at the end of this year. President Obama has proposed extending it for an additional two years. Click here to access an explanatory video.