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“Tax Implications of Short Sales and Foreclosures”
DBPR Course # 0012331 Certified for 4 CE Credits
Presented at Marco Island, Sarasota, Miami-Dade and Ft. Myers
In these turbulent times, homeowners and investors alike are increasingly faced with short sales, foreclosures, and even abandonments. In these cases, property owners are surprisingly faced with the potential of cancellation of indebtedness income and even a gain or loss on the property’s disposition.
Recent economic stimulus legislation allows a limited exclusion of income from the forgiveness of debt on a personal residence. There are other income exclusions available to owners of other properties such as properties used in a trade or business.
Taxable income reported by the bank due to debt forgiveness on a personal residence could be totally eliminated.
Sellers of investment property and real estate used in a trade or business may also avoid taxation of debt forgiveness income.
To protect, for future use, the most valuable tax benefits which may have been accumulated by the seller, such as unused tax credits and suspended losses, from being taken away by Uncle Sam to offset the allowed reduction of debt forgiveness income.
Students will complete case studies to help reinforce their understanding.
Call me to discuss scheduling this timely and pertinent course.