In 2007, Congress passed the Mortgage Debt Forgiveness Act of 2007 to help homeowners whose homes have been foreclosed or negotiated loan principal reductions.
Before this law, if your home was foreclosed and your home was sold for less than you owed, you would be taxed on the difference as if it were income. This was also true if your mortgage company agreed to reduce your loan balance – the difference would have been taxable.
Wow! That could be a lot of money for some people in certain parts of the country …

Here are the newest tax law perks for 2008. Check with your tax preparer to see if they apply to you…

If you didn’t get the full Economic Stimulus check last year, you may still be able to get it this year especially if your income is lower due to unemployment or investment losses. Your tax preparer will need to know how much you received last year. If you don’t remember how much your check was, you can find out at “How Much Was My 2008 Stimulus Payment” at the IRS …