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Paul Jacome

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  1. Linda, That exactly what I've done. I showed the sale for the residence part on Schedule D utilizing the 121 exclusion. Thanks for your input.
  2. Thanks to everyone for their comments. I've pretty much made a decision that one half of the 1099A amount that my client received will be considered residential forgiveness on Form 982 and the other half the rental portion will be reported on Form 4797. I also can't find where although there is a bankruptcy, the rental portion is forgiven and must be treated accordingly.
  3. I have a client whose property was forclosed upon by the mortgage comjpany, a two family dwelling which was a 50% rental. They also filed for Chapter 7 bankruptcy in 2008. Although they received a 1099A showing the balance of principal outstanding and the fair market value of the property, is there any excape from a tax liability standpoint regarding this possible capital gain situation because of the bankruptcy that occurred.
  4. Have a client who purchased three rental properties in 2007. For reasons that need not be explained the timing was bad. The mortgage companies have repossessed the properties the dates of which I'm not privy to at the moment in 2008. The client has not received anything regarding the Cancellation of Debt. In order to complete his return for 2008 I need to arrive at the FMV of each property and I don't know how to go about doing that. Would really appreciate some assistance.
  5. Try using what you would charge for a simple form and applying to all your rates then go in and change the more complicated forms to what you remember charging for those.
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