Spidell's Cancellation of Debt

Learn the ins and outs of foreclosures, repossessions, short sales, and cancellation of debt

• Understand the residence exclusion for COD — and California's nonconformity
• See when and how to use insolvency to exclude COD income
• Learn about the new exclusion for businesses that renegotiate loans
• Find out about the real property exclusions for farms and businesses
• Make the best election when a taxpayer has choices on how to exclude COD
• Be aware of California conformity and nonconformity
• Understand how reducing tax attributes works
• Use Spidell's insolvency worksheet to see what assets and liabilities to include
• See how to handle repossessions