Tax season headaches caused by foreclosure and debt relief tax problems.
Our ClientWhys Connect Tax Technical Support Forum has been buzzing with questions about issues facing clients with foreclosure and debt forgiveness issues. While these issues are complex, we have broken them down into an easy-to-master, 3-hour Foreclosure and Debt Relief CPE Course. Providing accreditation for CPAs, IRS tax preparers, enrolled agents, and CTEC tax preparers, our comprehensive course is the must-have reference one needs to get through these difficult client situations.
This course will teach the student how to deal with the information provided on the 1099-A and 1099-C forms and how to determine the amount of debt relief and figure the sales price and disposition of the underlying property through foreclosure, abandonment and short sale. The course will also explain the options for the various COD income exclusions and how to apply them, including Insolvency, Home Mortgage Debt Relief Income, Qualified Real Property Indebtedness (for rental property), and Student Loan and Qualified Farm Indebtedness. The course also includes Rules for Attribute and Basis Reduction and line-by-line instructions for completing Form 982, as well as unique flow charts for each type of exclusion, taking you through the various steps and options for each.
Lee Reams II
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