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Charlotte Real Estate, Development, and Construction News: Mecklenburg Times > Columnists > Kass > Many banks not following foreclosure tax law
Many banks not following foreclosure tax law
DEAR BENNY: Congress passed a law exempting from federal income taxes losses caused by home foreclosure and allowed banks to write down such losses.
If the bank writes down the loss, it cannot at a later date choose to sue for the deficiency. At least that's what our congressman told us at a town hall meeting. ...
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