California Cancellation of Debt Tax forgiveness - Straight from the "Horses Mouth"

To see the details of SB401 go to the link below:

This is the best form of risk management, if you are trying to help a client; by referring them to a third party. Let them take this info to their tax preparer or get expert advice from a qualified individual or reach their own conclusion. We can only point them in the right direction, they must be fully responsible for their own decision and therefore the consequences.

CA State Franchise Tax Board: with links to IRS, work sheets and the full text of the bill:

http://www.ftb.ca.gov/aboutFTB/newsroom/Mortgage_Debt_Relief_Law.shtml

To your success,

Cathy