In light of the current economic crises plaguing our country, many of us may have clients whose homes are on the brink of foreclosure, or are being sold by way of a short sale.
Debt Forgiveness: Watch Out for the Tax Consequences
When drafting a property settlement agreement that involves debt forgiveness (<i>i.e.</i>, foreclosure, short sale, reduction in credit card debt), it is critical that matrimonial attorneys be aware of the tax consequences because the financial impact on a client can be enormous.
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