Foreclosure & Cancellation of Debt

This webinar is part of Tax Practice Pro's "Taxation of Real Estate Series"

We have several exciting webinars offering more than 23 IRS CE/23 NASBA CPE credits throughout the month. Use the link below to see our full line-up and new special punch pass pricing.

The huge number of individuals and businesses that now find themselves overextended, facing reduced property values and the prospect of foreclosure is a financial earthquake of epic proportions. Foreclosures are no-win situations. Owners of real property facing a distress sale, and generally already under financial strain, are often unpleasantly surprised to learn that in addition to losing their investment in a property, two types of income can result from an abandonment, a foreclosure, a deed in lieu of foreclosure, or a short sale: capital gains, and relief of indebtedness income. Both types of income can trigger unexpected taxes for the owner.

Learning Objectives

- Explore Foreclosures, Short Sales, Abandonments, and Repossessions
- Examine Forms 1099-A and 1099-C
- Investigate what is the “deemed sales price” on Foreclosure and/or Cancellation of Debt
- What Form does the “Deemed Sale” go on
- Clarify the difference of Nonrecourse and Recourse loans
- Furnish examples of these ‘transactions’

1 IRS CE/1 NASBA CPE*

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*Self-Study recording not available for NASBA CPE credit.