Common Foreclosure and Cancellation of Debt Issues for Real Property

$49.00

Target Audience:  CPAs, EAs, Annual Filing Season Program Participants

Field of Study: Taxation (NASBA); Federal Tax/Tax Related Matters (IRS)

Seminar Level: Beginner


IMPORTANT INFORMATION REGARDING CONTINUING EDUCATION CREDIT: THE IRS ACCEPTS THIS SEMINAR FOR ONE (1) CONTINUING EDUCATION CREDIT FOR ENROLLED AGENTS (EA) AND ANNUAL FILING SEASON PROGRAM (afsp) PARTICIPANTS. Others, PLEASE CONSULT WITH YOUR RESPECTIVE STATE LICENSING AGENCY REGARDING ACCEPTABILITY OF THIS CREDIT. 

Note: the credit received from this seminar qualifies as continuing education that is required to obtain the voluntary AFSP – record of completion. however, this website does not offer the AFSP annual federal tax refresher (AFTR) course.

IRS COMMUNICATIONS AND LIAISON IS REGISTERED WITH THE NATIONAL ASSOCIATION OF STATE BOARDS OF ACCOUNTANCY (NASBA) AS A SPONSOR OF CONTINUING PROFESSIONAL EDUCATION ON THE NATIONAL REGISTRY OF CPE SPONSORS. STATE BOARDS OF ACCOUNTANCY HAVE FINAL AUTHORITY ON THE ACCEPTANCE OF INDIVIDUAL COURSES FOR CPE CREDIT. COMPLAINTS REGARDING REGISTERED SPONSORS MAY BE SUBMITTED TO THE NATIONAL REGISTRY OF CPE SPONSORS THROUGH ITS WEBSITE: WWW.LEARNINGMARKET.ORG.

DISCLAIMER: THIS SEMINAR WAS FILMED IN DENVER, COLORADO, ON JULY 28, 2015, AND THE INFORMATION WAS CORRECT AT THE TIME OF RECORDING.

The IRS Small Business/Self-Employed division presented this seminar at the 2015 IRS Nationwide Tax Forum.

This seminar provides information on common foreclosures and cancellation of debt issues for real property. The session provides an overview on the proper tax treatments for foreclosures and debt related to principal residence, business property, and investment property. It also addresses recourse and nonrecourse debt, state governing statutes, and the Internal Revenue Code section 121 exclusion.

By the end of this presentation, you will be able to:

  • Recognize the definition of short sale
  • Distinguish recourse debt from nonrecourse debt
  • Differentiate between the five types of cancellation of debt exclusions found in Internal Revenue Code section 108(a)(1)
  • Recall some of the nonrecourse/anti-deficiency states

No prerequisites or advanced preparation are required for this seminar.