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The US government has provided some sunshine for those who have been struggling with pre foreclosure and short sale homes.  Below is actual quotation from the IRS website and link which may be very useful to you and your family.    

"The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief.

This provision applies to debt forgiven in calendar years 2007 through 2012. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). The exclusion does not apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the home’s value or the taxpayer’s financial condition."

For all the information details please use this link below:
http://www.irs.gov/individuals/article/0,,id=179414,00.html  

My job is to help you with your real estate needs.  If I can be of help call me at 239-765-5478 or email jerry@765LIST.com