0 minute readIn a move likely to help 100,000 struggling homeowners, the California Legislature recently passed a law that allows Californians to exclude mortgage forgiveness from their income or tax purposes. “California has been particularly hard hit by the housing crisis,” said state controller and Franchise Tax Board chairman John Chiang, in a prepared release. “This is a critical tax change that will help people in our state who already are suffering the loss of their homes.” The law allows taxpayers to exclude canceled mortgage debt on their principal residence of up to $500,000.
Diana Golobay was a reporter with HousingWire through mid-2010, providing wide-ranging coverage of the U.S. financial crisis. She has since moved onto other roles as a writer and editor.see full bio
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Diana Golobay was a reporter with HousingWire through mid-2010, providing wide-ranging coverage of the U.S. financial crisis. She has since moved onto other roles as a writer and editor.see full bio
