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Short Sellers Screwed?

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The Daily News reports that former homeowners who conducted short sales in 2009 may be face large tax bills. "While federal law has exempted forgiven debt from income tax since 2007, the state of California hasn't yet followed suit. And Gov. Arnold Schwarzenegger last week vetoed legislation that would have exempted short sellers from paying taxes on debt forgiven in those transactions." That said, legislators are trying to push through bills that would address the debt before April 15th. [Daily News]