The National Association of Tax Professionals

The National Association of Tax Professionals

Bankruptcy - Taxes Before, During, and After

  • Topic(s): Intermediate
  • Presenter(s): Lisa Ihm EA
  • Session#: 930-07
  • Session Length: 100 Minutes
  • Program: 2010 National Conference
  • Date: Jul 20, 2010
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Bankruptcy - Taxes Before, During, and After - Details:

Bankruptcy filings are skyrocketing as debtors deal with the current economic downturn. In order to properly complete a bankrupt taxpayer's individual tax returns, you must understand what happens within the bankruptcy. Learn how a bankruptcy works, which assets the debtor will keep and which he'll have to give up, the effect of a bankruptcy on future 1040 returns, when bankrupt taxpayers can exclude debt cancellation income, and what tax attributes come out of the bankruptcy. Additionally, this session will cover what to do if the bankruptcy estate didn't file a tax return, how to determine the basis of property that is exempt or abandoned by the bankruptcy trustee, why property is foreclosed after the bankruptcy instead of sold during it, whether a bankruptcy will eliminate the tax liability created by a foreclosure, and how to advise your client about the tax consequences of foreclosure and bankruptcy.