There is an excellent chance that one or more of your clients will receive a Form 1099C for the cancellation of debt this tax season. Whether it be from a loan modification on their principal residence or the elimination of credit card debt, this cancellation of debt may or may not be taxable income. Do you know what qualifies as the insolvency exception? Or did you know that you may have to adjust the basis of the property for the exclusion amount? Or that some of your principal resident debt may not qualify?
In this 2 hour IRS CE course, Prof Reed will walk through Form 982 and explain how to determine if these exceptions apply to your clients. This course also qualifies for CPE credit.
