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Foreclosures

Duration: 100 minutes
Course Level: Intermediate
Prerequisite: Basic knowledge of income tax
Advanced Preparation: None 
Delivery Method: Self-Study

CPE Credits Designation Field of Study
IRS * 2 EA Federal Tax Law Topic
NASBA 0 CPA N/A
CTEC 2 CRTP Federal Tax Law Topic
CFP Board 2 CFP® Income Tax Planning

* NATP will report CPE credits to the IRS for all PTIN holders. CPE is currently not mandatory for RTRPs or RTRP candidates and any option to register or participate in this program is strictly voluntary.

Fees: $49 for Members and $60 for Nonmembers 

Summary
The recession has left many taxpayers in foreclosure. And people aren’t only losing their personal residences – they’re losing equipment, business, rental and investment property. If you haven’t already, you’re bound to have clients come to you who have had the bank take possession of property because they could no longer keep up with the loan payments. Learn the tax impact of foreclosure and how to properly report a foreclosure. If your clients are affected by the down economy, you can’t afford to miss this webinar!

Objectives
Upon completion of this webinar, you will be able to:

  • Distinguish between recourse and nonrecourse debt
  • Compute the gain or loss on a foreclosure
  • Report a foreclosure on the appropriate tax form based on the type of property that was foreclosed
  • Distinguish between Forms 1099-A and 1099-C and transfer each to the debtor’s personal income tax return

Presenter: Lawrence (Larry) Zimbler, MST, EA

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PO Box 8002, Appleton, WI 54912-8002 Phone: 800.558.3402 Fax: 800.747.0001

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