ShawnE Posted April 12, 2011 Report Share Posted April 12, 2011 One of my newer clients had sold a lot and carried the full note. She sold for 55,000. The buyer stopped paying the end of 2009 so she forclosed on it and took the lot back. The lot is now worth about 20,000 (welcome to real estate in the early 21st century - and gee I wonder why they walked). The 6252 has been done each year with its percentage of profit. I'll have to dig out what she paid for it. She paid to have it foreclosed on, paid the back taxes etc. Do I just dump the 6252 (no payments in 2010) and move the expenses onto Sch A? is there recapture? is there loss? just point my nose in the right direction.. currently I'm brain fried. btw, I've had numerous COD's this year!! Thank G_d for Lisa Ihm's workshop!!!!! Thanks Lisa wherever you are This year's workshop: NOL's - now isn't that a sad statement? Quote Link to comment Share on other sites More sharing options...
Lynn EA USTCP in Louisiana Posted April 12, 2011 Report Share Posted April 12, 2011 If you have the CFS Tax Tools program there's a worksheet module for repossession of real property. Lynn Jacobs, EA, FNTPI, NP Kenner, LA Quote Link to comment Share on other sites More sharing options...
ShawnE Posted April 12, 2011 Author Report Share Posted April 12, 2011 Nope ATX - I'll look in there Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted April 12, 2011 Report Share Posted April 12, 2011 Pub 537 has good examples and worksheets. Quote Link to comment Share on other sites More sharing options...
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