Tax Break For Homeowners May Expire - FOX44 - Burlington / Plattsburgh News, Weather & Sports

Tax Break For Homeowners May Expire

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WASHINGTON -

A tax break that saves struggling homeowners from paying thousands to the IRS, may be on the chopping block.

Congress has yet to extend the Mortgage Forgiveness Debt Relief Act of 2007.

The acts saves homeowners from paying taxes on the portion of their mortgage, that is forgiven in foreclosure, short sale, or principal reduction.

If the tax break expires, more than 600,000 homeowners a year may be affected.

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