On April 12, 2010, Governor Arnold Schwarzenegger signed into law SB 401 (Wolk), the Conformity Act of 2010. It allows taxpayers who had all or part of the loan balance on their principal residence forgiven by their lender to exclude the forgiven debt from California gross income. More info: http://www.ftb.ca.gov/aboutFTB/newsroom/Mortgage_Debt_Relief_Law.shtml
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