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Debt Forgiveness: Watch Out for the Tax Consequences
In light of the current economic crises plaguing our country, many of us may have clients whose homes are on the brink of foreclosure, or are being sold by way of a short sale. The client may also have staggering credit card debt. Therefore, when drafting a property settlement agreement that involves debt forgiveness (i.e., foreclosure, short sale, reduction in credit card debt), it is critical that matrimonial attorneys be aware of the tax consequences because the financial impact on a client can be enormous.
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