Making the Best of Bad Situations: Part 2 (Foreclosures, Debt Relief) (Currently Unavailable)

Author: Arthur Joseph Werner

This course helps the practitioner understand planning considerations and potential problems when certain "bad situations" happen to his/her client. The focus of this course is on the tax and non-tax issues in personal bankruptcy, cancellation of debt, foreclosure, repossession, and reporting of bad debts.

Publication Date: October 2016

Designed For
CPAs, EAs, attorneys, and financial planners.

Topics Covered

• Death of a Client
• Potrability
• Terminally Ill Issues
• Foreclosure Issues
• Debt Relief Steps
• Damages
• Helping Families Save Their Homes Act

Learning Objectives

• Recognize the tax and non-tax issues of various circumstances that a client classifies as bad situations
• Describe filing status's
• Recognize basis for beneficiaries
• Identify the 2016 basic exclusion amount that a decedent can pass through an untaxed estate
• Differentiate modified terms of mortgage loans
• Describe the Helping Families Save Their Homes Act
• Recognize how a client can deduct legal fees on a tax return
• Identify the best way to handle medical expenses when the client has passed away
• Describe best practices in advising clients in their estate planning
• Identify the DSUE amounts available in various client scenarios
• Describe the due date and when it's wise to make a portability election
• Recognize types of reliefs available to homeowners through a tax return
• Describe the Helping Families Save Their Homes Act
• Identify a non-taxable damage award and when it applies
• Recognize how to best deduct legal expenses

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None