Course Information

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Mortgage Workouts and Foreclosures: Tax Alternatives and Consequences
Author: CCH Editorial Staff

Description:
The U.S. housing market is in its worst shape in a generation. As a result, there is a massive increase in the number of foreclosures and mortgage lenders are becoming more open to "workouts" in which principal and/or interest on existing mortgages are reduced. This course discusses tax consequences to the homeowner in both foreclosure and workout situations and alternative strategies that can be used to minimize tax liability.

Topics covered include:

  • What constitutes a principal residence
  • How to determine income recognition in mortgage debt forgiveness situations
  • Key exceptions to income recognition for mortgage debt forgiveness
  • How to determine basis reduction if an exclusion to debt cancellation is used
  • How to determine gain or loss on the sale of a mortgaged residence

Course Details:
Price:  $45.00
Field of Study:  Taxes
Prerequisites:  Basic understanding of individual income taxation laws.
Level:  Intermediate
Advanced Preparation:  None
CTEC course number:  1075-CE-5409
Course was last updated on:  11/03/08
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Library:
Learning Center Core

Technical Requirements:
To view and print downloadable content files available in this program, you will need Adobe Acrobat Reader. You can download the free Reader plugin at Adobe's website by clicking on the icon below, then following the instructions for installation on your computer.
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Credit Available For: Units
CPE 3.0 CPE
QAS 3.0 CPE
CFP® (Accepted by the CFP Board) 1.0 CPE
Enrolled Agent (Accepted by the IRS) 3.0 CPE
CTEC Federal 3.0 CE

Note: Recommended CPE credit is based on a 50-minute hour. Participants earning credits for states that require self-study to be based on a 100-minute hour will receive half the recommended CPE credits for successful completion of this course.

Since Continuing Professional Education requirements vary from state to state and are subject to change without notice, please contact your state board of accountancy for information on your CPE requirements and the applicability of this course to meet those specifications.

CCH has been approved by the California Tax Education Council to offer courses that provide federal and state credit towards the annual "continuing education" requirement imposed by the State of California. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.

User Reviews
Reviewer: Julia T. submitted on 08/12/2009
Current issues
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