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The income tax exemption on mortgage debt forgiven in a short sale or a workout for principal residences has been extended by the House of Representatives. The retroactive extension was passed by a vote of 378 yes to 46 no. The United States Senate has not yet voted on the measure. NAR will continue to ask members to send messages to United States Senators until the bill is passed. Please urge your Senators to pass the Mortgage Forgiveness tax relief bill now.
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