Tracie Porter Publishes Article on Tax Burdens for Underwater Homeowners

Professor Tracie R. Porter has recently published her article, “The Quagmire of Mortgage Short Sale Transactions Under Current Homeownership Tax Policy in a Time of Crisis,” in the Akron Law Review, the University of Akron School of Law’s flagship journal, annual Tax Edition. Professor Porter’s article addresses the onerous burden on taxpayers selling underwater properties created by current tax laws and policy related to Mortgage Short Sales Transactions.  In particular, the article addresses the potential, unavoidable tax liability created by federal and state tax laws for forgiven indebtedness, which is considered taxable income, that homeowners incur.