Foreclosures

With: Kathryn M. Keane

Foreclosures

Session#: 923-21

Foreclosures. It is a common term these days, but how do you handle the tax aspects of a foreclosed property? This session is designed to assist the tax professional in working through a foreclosure, which is deemed a sale of the property.

Upon completion of this session, the learner will be able to:
  • Distinguish the differences between personal-use and business-use property foreclosures.

  • Properly account for a Form 1099-A or Form 1099-C in respect to the foreclosure.

  • Consider and properly record the tax consequences to the taxpayer on the deemed sale.

  • Determine the deemed sale price of the foreclosure property.

  • Kathryn M. Keane

    Kathryn is a principal of Macanta, a small tax and related services practice located in Brooklyn, NY, serving over 850 individual clients and 50 businesses. In… more details

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