Cancellation of Debt Income: Tax Consequences
Navigating Section 108 Issues With Debt Discharge and Forgiveness, Loan Modifications, Foreclosures and Short Sales
Recording of a 110-minute CLE/CPE webinar with Q&A
This teleconference will provide tax law advisors with a review of the income tax ramifications of debt forgiveness, loan modifications, and the loss of residential property through foreclosure, deed-in-lieu and short sale.
- COD Income
- Debt forgiveness
- Loan modifications
- Foreclosures, deeds-in-lieu and short sales
- COD income exclusions
- Qualified principal residence indebtedness
- Contested debt doctrine
- Reporting to the IRS
The panel will review these and other key questions:
- Under what circumstances can COD income arising from a loan modification be excluded—and what are the consequences of this exclusion?
- What are the income tax implications for individuals who lose their principal residence through foreclosure v. deed-in-lieu v. short sale?
- What are the parameters of the contested debt doctrine?
Following the speaker presentations, you'll have an opportunity to get answers to your specific questions during the interactive Q&A.
Stephen J. Dunn
Mr. Dunn represents entrepreneurs and much of his work involves civil tax controversies. These include research... | Read More
Mr. Dunn represents entrepreneurs and much of his work involves civil tax controversies. These include research and advice on tax compliance issues; examinations of corporations, pass-thru entities, and individuals; international tax examinations; voluntary disclosures; amended tax returns; claims for refund; employment tax matters; discharge of indebtedness income; tax collection; appeals and trials.Close
David N. Stonehill
David N. Stonehill
He has a nationwide federal income tax practice focusing on taxation of cancellation of debt income reported on Form... | Read More
He has a nationwide federal income tax practice focusing on taxation of cancellation of debt income reported on Form 1099-C. He advises clients on how to eliminate or minimize the impact of COD income and maintains a comprehensive website on the subject at www.1099advisor.com. He also practices real estate, foreclosure and debtor/creditor law, and negotiates real estate workouts and short sales.Close