IRS Update: Help for Homeowners Who Lose Homes; Foreclosure Tax Relief Available to Many

WASHINGTON — The Internal Revenue Service unveiled a special new section today on IRS.gov for people who have lost their homes due to foreclosure. The IRS also reassured homeowners that, although mortgage workouts and foreclosures can have tax consequences, special relief provisions can often reduce or eliminate the tax bite for financially strapped borrowers who lose their homes. IRS Update: Help for Homeowners Who Lose Homes; Foreclosure Tax Relief Available to Many