> buying someone's loan and tearing it up counts as a gift Through 2013 forgiveness of the mortgage on the debtor's principal residence is not taxable. If the

> buying someone's loan and tearing it up counts as a gift Through 2013 forgiveness of the mortgage on the debtor's principal residence is not taxable. If the law is not extended, there will spring up an industry to do wash sales of property so that the capital loss can be taken at the same time as the forgiveness.