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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 16006
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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Wallstreetesq

Customer Question

Wallstreetesq


Hello again. I have another question and I'm worried. On my taxes for 2012, Form 8829, part 111, I wrote off my office at home. The problem is I put the value of what I paid for my house back in 2005, which was $375,000 not the value it was in 2012, which is MUCH lower (about $225,000). It's a mistake and I was following what Turbo tax was telling me and must have misunderstood the directions. Anyway, the value of my house is included in the packet that my Lawyer wanted for our bankruptcy and of course the CMA lists the value as $197,000. That's even lower than what it was in 2012. I think once the trustee sees that and compares them, she will question everything else. I'm so worried. Help

Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 1 year ago.

WALLSTREETESQ :

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on

WALLSTREETESQ :

This should not be an issue, the trustee will want to know the exact value at the time of filling,

WALLSTREETESQ :

so the trustee can ask for a current appraisal of the property for an exact amount, the number you put in your previous tax returns should not even be considered.

Expert:  WALLSTREETESQ replied 1 year ago.
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Customer: replied 1 year ago.

Well, I was just thinking she might see the mistake and then think the rest of my expenses on the 2012 return was screwed up too and might ask me to send her more information. In others, it might be a trigger. I just hope she doesn't focus on that form I guess. This is by far the most stressful thing I have ever done in my life. And to add fuel to the fire I have to work with my husband who I am separated from. Like I said to the other Lawyer I have been working with online...Even though I'm not doing anything wrong or trying to hide anything, I still worry because I don't want anything to set off a chain reaction where the trustee doubts anything we have provided her.

Expert:  WALLSTREETESQ replied 1 year ago.
The tax return information is not crucial in terms of evaluation of property, an appraisal is what they go by, I would not worry too much, as their is no fraud here.
Expert:  WALLSTREETESQ replied 1 year ago.
If you have any further questions please do not hesitate to ask.
If satisfied please provide us with positive feedback, thank you
Expert:  WALLSTREETESQ replied 1 year ago.
if you have any further questions please do not hesitate to ask
Customer: replied 1 year ago.

Thank you. I do have another question. What are the typical questions the trustees ask at the 341 meetings? Why is it that I'm worried if I have done nothing wrong? It's a weird feeling. I guess I worry that something innocent or a mistake will set off a chain reaction or something and then I can prove that it was a mistake. I have gone over the paperwork a million times to make sure everything is good.

Expert:  WALLSTREETESQ replied 1 year ago.

http://www.justice.gov/ust/eo/private_trustee/library/chapter07/docs/ch7hb2012/Section_341(a)_Meeting_Questions.pdf

 

 

The link above has all the required questions that can be asked. I would not worry too much, as long as you answer honestly, you will be fine. Make sure you disclose everything.

Expert:  WALLSTREETESQ replied 1 year ago.
http://www.justice.gov/ust/eo/private_trustee/library/chapter07/docs/ch7hb2012/Section_341(a)_Meeting_Questions.pdf


The link above has all the required questions that can be asked. I would not worry too much, as long as you answer honestly, you will be fine. Make sure you disclose everything.


If you are satisfied with our service please do not hesitate to ask
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 16006
Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
WALLSTREETESQ and other Bankruptcy Law Specialists are ready to help you
Customer: replied 1 year ago.

You are wonderful!! Thank you so much!!

Expert:  WALLSTREETESQ replied 1 year ago.
Good luck, and if you have any further questions please do not hesitate to ask.

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