Bankruptcy -- Taxes Before, During & After

With: Lisa Ihm EA

Bankruptcy -- Taxes Before, During & After

Session#: 931-07

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.

Lisa Ihm EA

Lisa Ihm, EA has been teaching seminars nationwide since 1986 for many groups including NATP, CA Society of Enrolled Agents, CA Society of Tax Consultants, and… more details

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