Member Since: Apr 15th 2014
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Attorney and author Julian Block is frequently quoted in the New York Times, Wall Street Journal, and the Washington Post. He has been cited as “a leading tax professional” (New York Times), an “accomplished writer on taxes” (Wall Street Journal), and “an authority on tax planning” (Financial Planning magazine). More information about his books can be found at julianblocktaxexpert.com.
My answers
Entertaining article Well written.
Excellent analysis.
Excellent summary of the law changes.
Take you cue from Nancy Reagan: Just say no.
Another way is to say at least two out of the five years that end on the sale date. Perhaps there are others who would like to weigh in.
That's a topic for another column. I'll keep it in mind when I discuss sales of rental property. Thanks for the reminder.
Based on what you've stated, it does seem that your client will be liable for taxes on the forgiven debt.
It's unclear from the wording of your query whether you're aware the tax break for home owners on forgiveness of debt went off the books at the close of 2016. As of now, it has not been renewed for 2017. That being so, perhaps you'd like to reword your query. I look forward to hearing from you.
Wflora, I appreciate your careful reading of my article.
Always feel free to chime in.
Julian
In my experience, another way to attract new clients is to teach adult education courses on topics such as tax strategies for home sellers and tax aspects of divorce.