Taxpayers may find themselves unable to repay home mortgages, credit card debt, or other personal or business loans. Foreclosures can be an unfortunate occurrence during these situations. Naturally, this event is emotional for taxpayers and they look to their tax professional for guidance on how this affects their tax situation. When a foreclosure occurs, the result is a deemed sale of the property. If the creditor cancels the debt, the debtor may or may not have to recognize income. This ebook guides you through the rules for foreclosures, explains how to include or exclude income from debt cancellation on the debtor’s tax return and explores the effect of excluding canceled debt on the taxpayer’s other tax attributes.
Table of Contents.
Foreclosures and Debt Cancellation covers:
Level: Basic level
Author: NATP Staff
Publication Date: 2020
Format: Electronic - 72 Pages
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