What About The Short Sale Tax Exemption That Expires 12/31/12?

An update from the Congressman's assistant regarding the Mortgage Forgiveness Debt Relief Act:
(this allows people to short sale their primary residence for less than what they owe and not have to pay taxes on the difference)
Although this expires 12/31/12, Congress is planning to prepare what is referred to as "The Extension Package" in which they extend several bills as written as one single bill to give Congress time to review and hopefully extend longer. At this time it appears that all Congressmen, Reps and Dems, are in agreement with this Extension Package and it should be easily approved. The estimated timeframe is a one year extension.
Bottom Line: It looks like this bill will be extended through 12/31/13, allowing people to still short sale their homes and not be penalized by taxes by doing so.