Pacun

Close ATX and go to your database folder on your server, locate the return and delete it. If needed, boot to safe mode and delete the file. Don't forget the backup folder too. Also, keep in mind that next year, you will not be able to roll it over until you restore that file.

This is the way I see it. You have a house that you no longer can pay because you were greedy and didn't want to rent an apartment that you could afford. But let's leave that discussion for another topic. You owed the bank $300,000. Since you couldn't sell in short sell and didn't have a leg to stand on, the bank made you an offer that you could not legally refuse. The bank offered you $100,000 based on the market value and took your house. YOU NO LONGER HAVE A HOUSE. If you file your taxes and report $200,000 loss. It is a personal loss, no need to mention it on your return. If the bank sells the house for $125,000, you have a cancellation of debt of $175,000, which according to the code it is taxable unless you are insolvent. You are tied to the papers you signed when you purchased the house and to the IRS code. The paper said that you were personally liable for the debt. If the bank sells, your former house for $700,000, the bank will report $400,000 capital gain or ordinary income on its return and will not issue you a 1099-C. Remember that at this point, you don't have a house and therefore you cannot have a profit. The house went back to the bank and only the owner of an asset can benefit from any profit. To answer original question (since no one tried to): If it was pure rental, you dispose the asset on a loss for 2010. Claim the loss and report 1099-C the year it shows up. Technically you could report everything in 2010: The disposal of the asset, the loss on the rental asset, and the cancellation of debt. For matching purposes, you should report the cancellation of debt in the year the 1099-C is issued by the bank.

no

The reason why I hold it is because of little issues like the ones mentioned above. After carefully thinking about it, there is no reason to hold the state, except for a forgotten W-2 or 1099. If the IRS will reject a federal, let's say for ss# matching, it will reject the state also. I was affraid that the 1040 was going to be rejected and the state would go through but I don't find an example when that could happen.

I am holding the state.

Click on start, run, type control and press enter (simply go to control panel), click on windows firewall and turn it off. If you have a firewall on the your router, you might want to disable it there too. Have you rebooted? Just checking. After you finish, you can go back and enable your firewall.

Client is renting 50% percent of principal residence. They were not paying and were trying to have the bank reduce the interest and/or reduce the price of the house to current FMV. Everything failed and the bank issued a 1099-A. Clients seeks relief from court and are now making payments to the court and they are trying to negociate with bank with the help of the court. Clients received 1099-A in October 2010 but they never left the house and they must make 6 bigger payments to the court and they court is sending payments to the bank. Is the house still theirs? They claim yes, but usually when a 1099-A is issued the bank is the owner.

What kind of word editor we have on this forum??? It doesn't allow tabs and it trancates spaces. Please click on reply with quote and you will understand it better. This is the name on the SS card: (name has been change for security reasons but the name is correct and she doesn't have a middle name. As you know, when people get married they belong to the husband and that's why your name would become "Jennifer of Jefferson". Name Middle Initial Last name ROSA RODRIGUEZ DE MARTINEZ I have tried these combinations and all efiles are rejected because the name and ss# of the taxpayer must match the IRS master file: ROSA RODRIGUEZ DE MARTINEZ ROSA R MARTINEZ ROSA R DE MARTINEZ ROSA RODRIGUEZ ROSA DE MARTINEZ ROSA MARTINEZ I have copy of her card and no - hyphens are involved. Can I call the IRS and ask someone how the name is spelled on the master record? I know she can go to the ss# administration and verify but it will take long time.

try again. It is back and working now.

In addition, these QDROs are NOT alimony. Taxpayers are simply splitting the wealth that was built when they lived together.

I tried to enter an asset and selected amortization but it goes to Sch A line 23 affected by the 2% floor. How Do I know if the insurance was prepaid for other years when I ONLY see form 1098? Also how do I know if the insurance is from the dept of VA or Rural Housing Service? "The allocation rules, [amortization] explained above, do not apply to qualified mortgage insurance provided by the Department of Veterans Affairs or the Rural Housing Service (or their successor organizations)."

I understand that you get 1/7 of the amount paid if the loan is for 7 or more years. What do you do? Do you enter an asset so you don't forget next year?

No. You are OK. Check in a week or so and it shoulbe accepted.

I always tell my people to put money on April 10th. Remember that anything can happen on the 18th of April.

Forget about the delays, it always takes a long time to get 1096s throw.

Thank you. I will try to call them.

In addition to being liable, he needs to be the owner and maybe you want to make sure he actually paid.

It is a combo, we need a choice below also. I selected "no insurance" and clicked "vote". I got an error message. I had to click less than 10K on the bottom portion. I thought I lied on my second choice but it is the only correct answer I could have selected.

I am a practical guy. I don't print client letters. I will print them when the IRS requires it.

Thank you for your response. I found this but I doubt it sources. Are the Canada Pension Plan and Canadian Old Age Security Benefits taxable? If they are, please tell me where they should be entered on Form 1040. Benefits paid under the Canada Pension Plan (CPP), Quebec Pension Plan (QPP), and Old Age Security (OAS) program to a U.S. resident are taxable, if at all, only in the United States. According to the U.S. - Canada income tax treaty, taxation of these benefits is a residency-based issue. U.S. citizens or green card holders who reside in Canada are not subject to U.S. tax on this income. These Canadian benefits are treated as U.S. social security benefits for U.S. tax purposes. Thus, under section 86 of the Internal Revenue Code, the portion of the benefits that is taxable will depend on your income level. If your total income is above certain limits, a maximum of 85% of your benefits will be subject to U.S. tax. Any benefit under the social security legislation of Canada that would not be subject to Canadian tax if paid to a resident of Canada is not subject to U.S. tax. Canadian benefits that are treated as U.S. social security benefits are reported on line 20a and 20b of Form 1040, U. S. Individual Income Tax Return or line 14a and 14b of Form 1040A.

There should be a choice for those with no insurance.

For a minute I thought you had a police to defend you in case someone was after you or your money. I would like to know the percentage of preparers on this board that use insurance. Maybe a little poll and how much they pay would be nice.

I understand that there is a tax treaty between the USA and Canada. Client worked in Canada and now lives in the US and he is receiving a pension from Canada and ss benefits from the US. I know the pension is taxable in the US but I am not sure if Canada will want some of it. I have not checked the tax treaty yet. Where do I report this since it is not a 1099-R but rather a similar form from Canada? Line 21 properly labeled? Client is more than 59.5 years old so penalty is not an issue.

That's correct. I just wanted to make sure that if you used two hope credits, you can only use 2 AO credits. You could use ONLY 2 hopes in life and you can ONLY use 4 AO credits per life. Again a student that used 2 hope credits can use only 2 AO credits.