Trnr395

My client received the 7500 credit that has been being paid back for four years so = $2000. She sold her house for a $72,372 and original purchase price was $77,250. For a loss of $4878.00, she still owes $5500 for the credit but the loss offsets that so total amount to be paid back is $622??? Am I thinking this correctly?

I have a client that got married last year. She is filing a married filing separate return. The husband received the first time homebuyer credit that he repays back $500 per year. When I file her return it gets rejected based on no form 5405. When her husband files his return using married filing separate he will include it on his return. Why would this get rejected she isn't the one that received the credit in the first place? Thanks Brad

Will it be fine, or is it going to double up their 1099's and show they made twice as much money than they really did?

I have a client that I prepared their 1099 misc forms and efiled them. The copies I gave them they just informed me they mailed in when they picked them up, I am pretty sure they said "copies" but am not 100% certain. What do I do now, the efile has been send and approved.

Thanks guys, It wasn't his primary residence at the time of foreclosure. I will have to get some more info from him. He is a neighbor of my parents and he talked to them about it. Not my client and will need to talk to him for more specifics. Thanks again.

I have a client that rec'd a 1099C for a house that was foreclosed on. He has since been living somewhere else as his primary residence for the the last 4 years or so. The amount of debt cancelled was $82,000 and the FMV of the house was $65,000. Do I put the difference on "other income" or do I have to show this through schedule D as a sale? Or am I completely of base....

I am having this same issue, i looked at the prior couple years and have it entered the exact same way but still not figuring the deduction for sec 179. Anybody else run into this?

I have a client who is in college, is working full time on his own and living on his own. He wins 100,000 on a scratch ticket, but since he is 19, a full time student does he have to file form 8615 and will I need his parents taxable income, also his parents are divorced. Any help would be greatly appreciated.

Hello, I have calculated the cost basis and gain on the sale of some walmart stock for my client. They have dividend reinvestment, company contribution and payroll contribution. I have added the div. reinvestment and payroll contribution in figuring cost basis and didn't include the company contribution. Now that the 1099s show the cost basis on the short term sales I figured I would calculate that as well. They have used all of the cost including the company contribution as well. Anybody have any thoughts on this, should I be including the company contribution also. Thanks

Actually I am pretty sure he is purchasing it all in his name not the corporation which answers my question but I will double check.

actually Jainen, they run a gas station and at one time there was another gas station in town that closed. The owner of the S Corp is purchasing the building and starting another shop there.

ya ya i thought so....39 years it is.....

That was the direction I was leaning Jainen, and they handle every aspect of the business from bookings, office work. Know another question is the cost of the camps incurred last year, can I depreciate the cost of building them as business start up or does it have to be real property and expensed over 39 years?

They rent for a week, or a weekend typically. They provide services as far as chopping wood for their fires, laundry and all utilities.

They have a business name and it is husband and wife running the business