Mortgage Debt Relief Act

Quiet down out there! Just typing the title to this post I could almost hear the clamoring of questions. What the heck is it? How does this apply to my seller? Why is reading through the bail out documentation almost easier to understand? I won't bother to try and say it better. I'm going to direct you right to the source on this one.

For the best details jump on over the the IRS web site. The page is located at http://www.irs.gov/individuals/article/0,,id=179414,00.html and has links to forms and publications to help clear up any questions you might have.

Remember to send your clients to a CPA with questions. If they plan on using the 'tax professional' sitting in their local Giant Supermarket they will end up with some bad information but some really great fruit! :)