People that lost their home

[Pacun]

The IRS has created a special new section on www.irs.gov for people who have lost their homes due to foreclosure. The IRS also reassured homeowners that although mortgage workouts and foreclosures can have tax consequences, special relief provisions can often reduce or eliminate the tax bite for financially strapped borrowers who lose their homes. A listing of frequently asked questions on how to handle a foreclosure and the related tax consequences is available at http://www.irs.gov/newsroom/article/0,,id=174034,00.html