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Repossession, Debt Restructuring, and Cancellation On-Demand Webinar

Summary

With the massive economic impact of the COVID-19 shut-downs, this webinar is intended as a refresher to the basic economic and tax issues of foreclosures, repossessions, and debt cancellation. Most of the issues will be considered from both the borrower and lender perspective. Bankruptcy is introduced but not discussed in depth and the overlap with Tax Aspects of Bankruptcy webinar will be minor.

Objectives

Upon completion of this course, you will be able to:

  • Understand the tax consequences to debtors who default, renegotiate, or settle their debt for less than the full amount owed
  • Identify the difference between repossession and debt cancellation
  • Identify the proper method and tax -year to report a repossession of property to satisfy a debt
  • Distinguish between business and individual property and debt
  • Compute the gain or loss on repossession of property for both the buyer and the seller
  • Understand the filing requirements to lenders and the proper reporting of Forms 1099-A and 1099-C by debtors
  • Determine if debt is recourse or nonrecourse
  • Identify the date a debt is cancelled
  • Determine if a taxpayer is solvent or insolvent
  • Describe what tax attributes are and how they impact cancellation of debt income
  • Determine when Form 982 is required and complete Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness
  • Compute the excludable amount of cancellation of debt income

Course Details

This on-demand webinar includes the presentation slides, exam questions, recording of the webinar broadcast with review questions, and attendee top questions. CPE is issued after exam is successfully completed.






   

Presented by: Lawrence Zimbler, MST, EA

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