You should consult with a tax professional or attorney regarding your personal situation. Generally speaking the Mortgage Forgiveness Debt Relief Act of 2007 allows you to exclude the income from discharged debt on a principal residence as a result of a mortgage restructure or foreclosure. This act covers debt forgiven from 2007-2012. You can visit the IRS for additional details.
Related Florida real estate views:
Foreclosure prevention, loan modification and refinancing
The President's housing plan
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