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JaneP

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    IL

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  1. Decedent''s only asset left was a secured note/mortgage held on her home by former renter. In 2017 the individual died, her family that lived in it let the proprety go and did not pay the last 2 RE tax bills. Decedent's heirs filed for a quit claim deed and property was conveyed back to estate. Sold in 2018 at a county tax sale for 20% of original note, paid all costs and ended up with a "book" loss of about $50,000. Q1-Can they take the loss on the property, netting all legal fees - from the note's value at the time of default? Q2-Is it a capital loss to each heir, maxed by $,3000 loss limitation? Q3-if the estate is closed out does the loss go tothe hier and they carry it over if they are limited by the $3000 maximium loss? I am trying to help a family I am related to, but have little estate experience. Should I just hire someone?
  2. HELP...from anyone? Two clients with auto payments set up within their Efiled approved and accepted returns. 1st one is a 9465 that did not have the first Federal debit taken out on 4/15 and is logically nervous about getting dinged for not paying anything or not getting the payment plan set up. 2nd one - they were set up for both Federal and state debits every quarter all year. Federal came out fine, no indication of any debit from the state of Illinois. Does ATX not work for the sate even thought the whole process is docuemented, approved, accepted??
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