as of jan 1 2014, the IRS will no longer allow debt forgiveness for abandoned property(1099 misc). so, now every person who is under water on their house now has no out. if you abandon your property now the difference between the debt outstanding and fair market value will be seen as income, before this change that difference would be marked down as debt forgiveness.
this jack hole would see debtors prisons back, really what kind of sicko spends the last 5 years trying to inflate housing and then any person who goes under and walks away now owes taxes to the government for revenues never realized or recognized. obama really is the biggest banker shill in the history of this nation.
how against the people can obama get?
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