Foreclosure Taxation. This 2013 lecture, posted as a downloaded audio-enhanced Power Point file, should be used as a general introduction to federal tax issues related to foreclosure transactions at that moment in time. The lecture is divided into three parts:
- Basic Tax Issues, Recourse and Non-Recourse debt;
- Educate your client about 1099s and what, at a minimum, you should disclose to your client;
- How to identify documents in your file that will be helpful in future reporting to the IRS.
Print out this .pdf' file before viewing the Power Point. These "handouts" are integral to the lecture.
Foreclosure Tax File Checklist. You can use this editable Word document as a template, tailoring it to your own state requirements.