The National Association of Tax Professionals

The National Association of Tax Professionals

Beginning Cancellation of Debt (COD) Topics

  • Topic(s): Individual
  • Presenter(s): Lisa Ihm EA
  • Session#: 931-09
  • Session Length: 100 minutes
  • Program: 2011 National Conference
  • Date: Aug 15, 2011
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Beginning Cancellation of Debt (COD) Topics - Details:

Learn how the foreclosure process works and how to determine the correct sale date and sale amount, including how to get the necessary information when the client can't provide it. Understand why the Form 1099-A does not include the information you need to complete the return, and how to avoid correspondence from the IRS when the numbers you report differ from the numbers on the reporting documents. Also determine when to report the COD income, how much to report and why you can't count on the receipt of a Form 1099-C to notify you of COD income. Understand all of the exclusions, including some you may have never heard of and find out how to report it all on the tax return. Helpful worksheets and checklists will be provided.