In the current economic downturn, more taxpayers are going through foreclosures or having property repossessed when they can’t pay debts secured by property. The last thing these people want to think about is taxes, but things could be worse…
In Taxation of abandonments, foreclosures and repossessions, posted on The Journal of Accountancy this month, Curtis Webley explains the options facing personal and business foreclosure scenarios, of which there are many.