The National Association of Tax Professionals

The National Association of Tax Professionals

Bankruptcy -- Taxes Before, During & After

  • Topic(s): Individual
  • Presenter(s): Lisa Ihm EA
  • Session#: 931-07
  • Session Length: 100 minutes
  • Program: 2011 National Conference
  • Date: Aug 17, 2011
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Bankruptcy -- Taxes Before, During & After - Details:

Bankruptcy filings are skyrocketing as debtors deal with the current economic downturn. To properly complete a bankrupt taxpayer's individual tax return, 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. Find out the affect of a bankruptcy on future 1040 returns, when the bankruptcy exclusion can be used on cancellation of debt and what tax attributes come out of the bankruptcy. Learn what to do if the bankruptcy estate didn't file a tax return (which it almost never will), 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 vs. bankruptcy. It's recommended you take Beginning COD Topics before taking this session.