Oct 09 2007
The “Phantom Tax”
I just read a blog on the U. S. House voting to eliminate the “Phantom Tax”. I did not know what the “Phantom Tax” was until this post. Did you know that if you go into foreclosure and the mortgage company agrees to a short payoff that the IRS considered the amount you short paid to be taxable income? Are you kidding me? Your life is destroyed, you have your home foreclosed on and the IRS thinks you had a windfall. To read the complete article from Renae Bombardiere of HomTur Video Realty click on the following link: http://blog.renaesellscolorado.com/2007/10/08/tax-reflief-for-foreclosures/