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Foreclosure Tax Break

Sacramento, CA — California residents hit hard by the housing crisis will receive a break on their taxes.

The Legislature has passed a bill that prevents cancelled debt from being treated at taxable income.

It specifically helps those that have lost homes to foreclosure, received mortgage modifications or sold homes for less than original the value.

Governor Schwarzenegger has indicated that he will sign the bill.

Written by bjhansen@mlode.com.