Tax-change renewal could hurt troubled homeowners in North Carolina

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Tax-change renewal could hurt troubled homeowners in North Carolina

Tax-change renewal could hurt troubled homeowners in North Carolina

Charlotte Observer-

North Carolina lawmakers are poised to renew a rule requiring homeowners to pay state income taxes on mortgage debt forgiven by lenders – a move that could cost some homeowners thousands of dollars in additional taxes.

For years, North Carolina allowed taxpayers not to count written-off mortgage debt as taxable income after Congress, responding to the mortgage crisis, enacted a similar exclusion on federal income taxes.

In 2013, North Carolina took away the exclusion for the first time since the crisis. And last week the N.C. Senate passed a bill that would not allow the exclusion for tax year 2014. The House is expected to vote on the measure this week.

Read more here: http://www.charlotteobserver.com/2015/02/16/5514038/tax-changes-could-hurt-troubled.html#storylink=cpy

 

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