A financially troubled taxpayer suddenly faces substantial tax problems upon the foreclosure of his or her property. The Internal Revenue Code imposes taxes upon the cancellation of debt. Therefore, a taxpayer whose property is foreclosed may owe substantial taxes, even though he or she lost the building. In this course you will learn: taxation of cancelled debt, exceptions to taxation under Section 108, and the capital gains aspects of foreclosure.
CPE: 2 Hours/Taxes
Presented by Robert E. McKenzie, EA, Attorney