California Senate Approves Debt Forgiveness Bill

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The California Senate approved Monday a bill that would make it so that homeowners are no longer required to report mortgage debt forgiven by their lenders as income on their tax returns.

The Associated Press reports that the bill is specific to owner-occupied properties in which the debt was forgiven this year or last. State Sen. Michael Machado, D-Linden, said the bill, which is headed to the assembly, would help in a short sale, loan modification or refinance.

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