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Foreclosures and Debt Cancellation Textbook (2021) - #21338

Foreclosures and Debt Cancellation Textbook (2021) - #21338

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Overview

Description:

Taxpayers may find themselves unable to repay home mortgages, credit card debt, or other personal or business loans. Foreclosures can sometimes be a solution to resolve debt in 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 textbook guides the tax professional through the rules of 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.

View Table of Contents.

Topics include:

  • Applying information from Form 1099-A, Acquisition or Abandonment of Secured Property, when reporting the foreclosure
  • Determining the deemed sale price of the foreclosure property to record the taxation of a deemed sale
  • Determining if debt is recourse or nonrecourse
  • Identifying the date a debt is canceled
  • Identifying when creditors must issue Form 1099-C, Cancellation of Debt
  • Determining if a taxpayer is insolvent
  • Completing Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment)

Product Details:

Level: Basic

Authors: NATP Staff

Published: 2021

Format: Print - 70 Pages


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