Loading Events

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

Objectives

  • 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