When your client is letting property go, what option is best from a tax
perspective: a short sale, a deed-in-lieu, or a foreclosure sale? Does it
matter if your client files for bankruptcy before or after a sale or
foreclosure? Does it matter if your client is insolvent?
Given that Congress has yet to extend the Mortgage Forgiveness Debt Relief
Act, knowing the answers to these questions is essential to being able to
provide the best advice to your clients. This luncheon will provide
attendees with guidance from tax experts as to the consequences of choosing
among these alternatives. Multiple fact patterns will be discussed to
illustrate the various issues.