You’ve lost your house and job but your taxes are up, welcome to the American Nightmare

Housing bust gives agencies a tax windfall

“I was shocked about how much I owed,” says Stephen Buckman, who had to pay the Internal Revenue Service $1,500 when he filed his 2011 taxes. In December 2010, a bank foreclosed on his Phoenix townhouse, which had plunged in value to $50,000 from the $196,000 he paid in 2006.

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One thought on “You’ve lost your house and job but your taxes are up, welcome to the American Nightmare

  1. And this would likely be a total disaster if you had a home that foreclosed in, say, Spain and had to convert everything to dollars and spend thousands in accounting fees to determine your tax liability…

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