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Debt Forgiveness and Foreclosures – Income Tax Planning and Compliance (LITX06/23)

Event Description

  • Foreclosures, short saves, re-negotiated debt.
  • All can result in taxable income if not properly planned and executed.
  • Recent economic roller coaster has created more debt adjustments than anytime in history.

Enrolled Agent Approved


Designed For

CPAs, EAs and especially attorneys who advise and plan debt adjustment transactions


  • IRC Sec 108
  • Cases and ruling on taxable foreclosures

Major Subjects

  • Income tax accounting for debt forgiveness
  • How the rules apply to foreclosures and short saves
  • Forms 1099-A and 1099-C
  • Avoid taxable income by avoiding forgiveness of Debt