House forclosed and sold surrounded by 2007. We received a 1099-A but no 1099-C.?
The 1099-A states that the house principal balance be $240,557.48 and the FMV was $232,868.75 (difference of in the order of $7500). Should we receive the 1099-C? And, I don't know where to plug this 1099-A form contained by TaxAct. I've tried contacting the home mortgage lender, but I keep getting the run around and passed to adjectives different numbers that don't work. The original loan amount be $346,000 when we abandoned the property ending year. Any help would be great! I basically want to get my taxes done and verbs! Thank you!Answers: Look at box 5. does it say yes or no?
If it say no, use the DEBT number and report that is as if you have a sale. (You hold a non-deductable loss.)
If it says yes, you hold a sale at the smaller FMV number and potentially $7500 of cancelled debt income. Contact the sandbank and ask if they will be issuing the 1099-C for 2007 or 2008. Without knowing which year they cancelled the debt, it's difficult to know which year you need the form 982 (assuming this be your main home and the foreclosure be in 2007).
You should but some dont distribute it out. Publication 544 from the IRS gives instructions on Foreclosures. The IRS have not put out the 544 for this year. Do not file your taxes until they do and you can check the instruction. The law on this have changed and you may not enjoy to pay taxes on it.
In previous years the amount would own gone on line 21 - other income.
Wait for the unusual rules to come out. You can find the publications at www.irs.gov and search for publication 544. You are going to want the 2007 one, but similar to I said they have not published it nonetheless.
If the amount in box
4 is smaller amount than the amount in box 2, and your debt is canceled, you may
own cancellation of debt income. (this would enjoy to be reported as income and you would be taxed on it)
You may hold
reportable income or loss because of such acquisition or discarding.
Gain or loss from an acquisition largely is measured by the difference
between your adjusted font in the property and the amount of your debt
canceled within exchange for the property, or, if greater, the sale proceeds. If
you forsaken the property, you may have income from the discharge of
indebtedness within the amount of the unpaid balance of your canceled debt.
You also may hold a loss from abandonment up to the used to basis of
the property at the time of leaving. Losses on acquisitions or
abandonments of property held for personal use are Not deductible.
In the state of Virginia, how do you figure out where to send State Taxes?
Answers: It depends upon what county you lived in on January 1, 2008.
Since the state does not have the addresses online yet I would say you can use the ones from last year. You can look them up here.
http://www.tax.virginia.gov/site.cfm?ali...
tax preparation software programs, let you choose if you want to file for state taxes automatically. pretty convenient huh? Ive used turbotax. com
Can I claim a house that is not mine? The owner has maxed his deductions and is offering me this opportunity.?
Answers: No, if the loan is not in your name, with your SSN attached to it you can not claim it.
Also, this is BS, there is no MAX for deductions.
No.
In order to claim a mortgage interest deduction, you must actually make the payments and you must actually be liable for the payments.
You fail both tests.
Oh, geez, don't even THINK about it. You'll be committing tax fraud, which can get you in more trouble than you want to see.