Foreclosure & Cancellation of Debt
This webinar is part of Tax Practice Pro's "Taxation of Real Estate Series"
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The huge number of individuals and businesses that now find themselves overextended, facing reduced property values and the prospect of foreclosure is a financial earthquake of epic proportions. Foreclosures are no-win situations. Owners of real property facing a distress sale, and generally already under financial strain, are often unpleasantly surprised to learn that in addition to losing their investment in a property, two types of income can result from an abandonment, a foreclosure, a deed in lieu of foreclosure, or a short sale: capital gains, and relief of indebtedness income. Both types of income can trigger unexpected taxes for the owner.
Learning Objectives
- Explore Foreclosures, Short Sales, Abandonments, and Repossessions
- Examine Forms 1099-A and 1099-C
- Investigate what is the “deemed sales price” on Foreclosure and/or Cancellation of Debt
- What Form does the “Deemed Sale” go on
- Clarify the difference of Nonrecourse and Recourse loans
- Furnish examples of these ‘transactions’
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*Self-Study recording not available for NASBA CPE credit.
Allan J. "A.J." Reynolds
,
EA
A.J. is an enrolled agent (EA) with over thirty years of experience encompassing various areas of taxation. Though his practice centers on Individual, Business, and Estate Tax preparation, A.J. specializes in IRS Audits, Appeals, Collections, Innocent Spouse, Independent Contractor vs. Employee Issues, and Civil Tax Fraud Representations. As diverse as his specializations, A.J.’s clientele, too, ranges from average workers to Fortune 500 executives.Based in Sioux City, Iowa, A.J. nevertheless brings his everyday “in the trenches” experience to seminars nationally and internationally to assist attendees with real issues affecting tax professionals. A.J. has spoken Basics + Beyond Income Tax Seminars and Webinars, NATP National Conference and Webinars, NAEA Webinars, NTI Resort Conferences, and Iowa State University Webinars and Annual Tax Seminars.A.J. started his tax career with a national CPA firm in San Diego, CA after proudly serving for five years in the United States Navy onboard the Guided Missile Destroyer USS Callaghan. During his time on the destroyer, A.J. and crew members were awarded the Navy Expeditionary Medal for their work in the Straits of Hormuz off the coast of Iran.Outside of his tax practice, he is a member of the Diocese of Sioux City Priests’ Pension & Welfare Board and the Investment Advisory Board for the Diocese. When not working, his time is spent in various activities, including traveling with his wife and their two children.
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