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Wed November 21, 2012
Conway Joins Effort to Extend Tax Relief to Hurting Homeowners
Kentucky Attorney General Jack Conway joined an effort to urge Congress to extend tax relief to homeowners who have had mortgage debt canceled or forgiven because of a decline in housing values. Since 2007 mortgage debt that is forgiven after a foreclosure or short sale can be excluded from a taxpayer’s taxable income. But that exclusion will expire at the end of this year.
Conway was one of 42 attorneys general to sign a letter that went to U.S. House and Senate leaders Tuesday urging them to extend the exclusion.