Mortgage debt relief may bring new pain: a tax bill - latimes.com
A special exemption of as much as $2 million per household in principal
reduction and other aid from banks, in place since 2007, is set to
expire at year's end.
It is one of a number of similarly expiring tax provisions — most notably the President
George W. Bush-era
tax cuts — and the large automatic government spending reductions
looming at the same time that are referred to as the fiscal cliff.
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