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Tax Fallout from Foreclosure & Loan Modification

By Cathy Moran

Foreclosure generates taxIt’s bad enough when the client loses their home to foreclosure, but it’s a double whammy when the tax bill arrives for money they never saw. Scope out the tax traps in the world of indebted clients at a 2 hour workshop for lawyers and tax professionals April 9 at Lincoln Law School.

Be prepared with answers when clients ask:

  • Should I try for a short sale?
  • What does this 1099 mean?
  • Are there tax consequences of a loan modification?

Bill Purdy, tax professor and real estate law practitioner, will discuss recourse and non recourse debt and the tax consequences of foreclosure. The workshop runs 2 hours and MCLE credit is available. Advance sign up is required.

The program will be available later electronically. If you want to be notified when the electronic version is ready, send an email to [email protected].

More from the Soapbox

  • Banks have already lost on bad loansBanks have already lost on bad loans
  • 10 Tips To Help You Keep Your House10 Tips To Help You Keep Your House
  • Word rant:  seizure of mortgaged homesWord rant: seizure of mortgaged homes
  • Know What You Really Owe: Your Mortgage Loan RightsKnow What You Really Owe: Your Mortgage Loan Rights
  • Foreclosure the day after tomorrowForeclosure the day after tomorrow

Filed Under: Real property & mortgages, Taxes

About Cathy Moran

I'm a veteran bankruptcy lawyer and consumer advocate in California's Silicon Valley. I write, teach, and speak in the hopes of expanding understanding of how bankruptcy can make life better in a family's future.

Bankruptcy Basics

About The Soapbox

You’ve arrived at the Bankruptcy Soapbox, a resource of bankruptcy information and consumer law.

Soapbox is a companion site to Bankruptcy in Brief, where I try to be largely explanatory and even handed (Note I said “try”).

Here, I allow myself to tell stories and express strong opinions. We dig deeper into how to consider bankruptcy and navigate a bankruptcy case.

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Bankruptcy specialists for individuals and small businesses in the San Francisco Bay Area

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