Natalya Attestatova, CPA

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Latest News:

April 19, 2010

New Law - Debt Forgiveness in California.

The new law allows most taxpayers to exclude canceled mortgage debt income of up to $500,000 on their principal residence. The limit is $250,000 for married/registered domestic partner individuals filing separately. It applies to debt forgiveness in 2009 through 2012 resulting from a foreclosure, "short sale," or loan modification of a taxpayer’s qualified personal residence.

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