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2 Hours (On-Demand)
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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 Credit hour CE course, Professor Arthur Reed, MBA, CPA, MST will walk through Form 982 and explain how to determine if these exceptions apply to your clients.

This course covers the following topics: Review of IRS Code Section 61 and Form 982 Review of Taxpayer Advocate Service Publication and IRS Form 1099C Review of Exceptions: Bankruptcy and Insolvency - IRS Publication 4681 and Form 982 Farming and Business Related Insolvency Review of Workout Provisions and IRS Publication 4681 Review of Ordering Provisions and IRS Publication 4681 and Form 982 Review of Basis Attributes and Adjustments and IRS Publication 4681 Student Loans.

Learning Objectives

  • IRS Code Section 61 and Form 982
  • The Advocate Service Publication and IRS Form 1099C.
  • Bankruptcy and Insolvency - IRS Publication 4681 and Form 982.
  • Farming and Business Related Insolvency.
  • The Workout Provisions and IRS Publication 4681.
  • Ordering Provisions and IRS Publication 4681 and Form 982.
  • Basis Attributes and Adjustments and IRS Publication 4681.
  • Knowing the rules regarding Student Loans.
Last updated/reviewed: November 7, 2019

Prerequisites

Course Complexity: Advanced

No advanced preparation or prerequisites are required for this course.

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Course Syllabus
INTRODUCTION AND OVERVIEW
  14:30Introduction of Cancellation of Debt
  6:30Lesson 2- Review Taxpayer Advocate Service Publication and IRS Form 1099C
  13:38Lesson 3- Exceptions- Bankruptcy and Insolvency - Reviews IRS Publication 4681 and Form 982
  11:21Lesson 4 - Farming and Business Related Insolvency - Review IRS Publication 4681
  6:25Lesson 5- Workout Provisions - IRS Publication 4681- Quaified Principal Residence Indebtedness
  9:42Lesson 6- Ordering Rules - Review IRS Publication 4681 and Form 982
  10:47Lesson 7- Basis Attributes and Adjustments - Review IRS Publication 4681
  8:05Lesson 8- Student Loans
CONTINUOUS PLAY
  1:20:57Cancellation of Debt
SUPPORTING MATERIALS
  PDFCancellation of Debt Glossary/Index
  PDFPublication 4681
  PDFTaxpayer Advocate Service
  PDFForm 1099-C
  PDFForm 982
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM