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Tax writers in the House and Senate are pushing to extend a $1 billion mortgage debt forgiveness relief provision that expires at the end of the year, saying a failure to do so will result in massive tax liabilities for taxpayers already under water. The Mortgage Debt Relief Act of 2007 allows taxpayers to exclude up to $2 million of forgiven debt on their principal residence in calendar years 2007 through 2012 as long as the discharge of debt is directly related to a decline in the residence's value or in the financial condition of the taxpayer. “It has bipartisan support. Obviously it's been helpful to people as the market has tanked and their mortgages are under water. I think it's in the mix to get done,” says Rep. Tiberi, chairman of the House Ways and Means Select Revenue Measures Subcommittee.
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