25 May '12, 9pm

Bill: Give tax break on foreclosure settlements

http://www.armytimes.com/news/2012/05/military-senator-debbie-stabenow-dont-tax-foreclosure-settlements-052512w/ Bill: Give tax break on foreclosure settlements By Karen Jowers - Staff writer Posted : Friday May 25, 2012 17:25:29 EDT A Michigan senator wants to give more tax breaks to homeowners who were wrongfully foreclosed on and received settlement money — while halting tax breaks to banks that paid the settlements. Homeowners who were wrongfully foreclosed on by the nation’s five largest banks would not have to pay taxes on settlement money they have received under legislation introduced May 23 by Sen. Debbie Stabenow, D-Mich. This would apply to all homeowners, including military families. Under current law, the settlement money is considered regular income for families, which increases their tax bill. Stabenow’s bill also includes another provision that would preven...

Full article: http://www.armytimes.com/news/2012/05/military-senator-de...

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