The Law Offices of Jonathan Stone
Hackettstown law firm serving clients throughout New Jersey
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November 2019 Archives

Bankruptcy offers relief from unexpected mortgage tax bills

Many individuals in New Jersey and around the country who had some of their mortgage debt cancelled or forgiven after losing their homes due to a foreclosure or short sale now find themselves owing tens of thousands of dollars in taxes. For the last 10 years, up to $2 million in forgiven or cancelled mortgage debt was deductible thanks to provisions introduced in the wake of the 2008 financial crisis, but those tax breaks expired at the end of 2017.

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