Course Details


Course Name: Cancellation of Debt
CPE Credits: 2
IRS Credits: 2
Type: Online/Video
Exam: Passing grade (70%)
Price: $30


Description:
There is an excellent chance that one or more of your clients will receive a Form 1099C for the cancellation of debt this tax season. Whether it be from a loan modification on their principal residence or the elimination of credit card debt, this cancellation of debt may or may not be taxable income. Do you know what qualifies as the insolvency exception? Or did you know that you may have to adjust the basis of the property for the exclusion amount? Or that some of your principal resident debt may not qualify?


Topics:
Overview
Review taxpayer advocate service publication and IRS form 1099C
Exceptions – Bankruptcy and insolvency review IRS publication 4681 and form 982
Farming and business related insolvency review IRS publication 4681
Workout provisions – Review IRS publication 4681 qualified principal residence indebtedness
Review IRS publication 4681 and form982
Basis attributes and adjustments review IRS publication 4681
Student loans






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