CPA Provides Free Seminar on Tax Issues Relating to Foreclosures and Short Sales
With the growing concerns over foreclosures and short sales in the Phoenix area, homeowners are finding themselves with many unanswered questions. Taxpayers need to realize that there can be significant tax ramifications associated with these transactions and they must be aware of their options.
(PRWEB) November 7, 2009 -- With the growing concerns over foreclosures and short sales in the Phoenix area, homeowners are finding themselves with many unanswered questions. Taxpayers need to realize that there can be significant tax ramifications associated with these transactions and they must be aware of their options.
“There is a lot of misinformation out there. Homeowners are scared and concerned and they need to understand the tax issues they may be facing. There are several exclusions that homeowners may qualify for, but they will most likely need the assistance of a CPA or other tax professional”, said Paul B. Sundin, CPA.
As a result, Paul is offering free seminars to homeowners who have lost or are potentially losing their homes through a foreclosure or short sale. The seminars will be each Tuesday evening from 6:00pm to 7:00pm through the end of 2009. The first seminar will be held on Tuesday November 10, 2009 at the offices of Sundin & Company, PLC in Chandler, AZ. Interested participants must reserve a space by calling 480-626-8043.
The specific dates are as follows:
November 10, 2009
November 17, 2009
November 24, 2009
December 1, 2009
December 8, 2009
December 15, 2009
December 22, 2009
Paul B. Sundin is an Arizona CPA and he provides assistance to taxpayers going through foreclosures or short sales. During the seminars, he will attempt to answer the following questions:
| | - Is debt forgiveness on a principal residence a taxable event?
- Will I report a gain or loss on my tax return?
- Will the tax impact change based on whether the debt was recourse or nonrecourse?
- Are there options other than bankruptcy to avoid taxable income?
- How is the tax treatment determined on a rental property?
- Are there any exclusions that I may qualify for that will help me avoid taxable income?
- How is the transaction recorded on my tax return?
- What is the insolvency exclusion and how do I calculate it?
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Paul also provides tax planning and tax preparation for individuals and business owners. Please see his website at www.sundincpa.com or you can contact him at 480-626-8043.
He is an Arizona CPA and he serves the communities of Gilbert, Chandler, Mesa, Queen Creek, Phoenix, Glendale, Goodyear, Scottsdale, Tempe, Apache Junction, Gold Canyon, Avondale, Laveen and Peoria.
This release is solely intended for informational purposes and is not intended to be tax or legal advice. You should contact a CPA or other tax or legal professional to discuss your situation. To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein.
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