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Real Estate Question: I owe more money on my house than it

Real Estate Question: I owe more money on my house than it is worth. I have also experienced certain hardships via medical expenses and loss of job/income. I would like to know how to negotiate the principle on my home down. Currently I owe approximately $470k. The appraised value is approximatley $360. I would like to reduce the principle to $350 and then pay it off in cash. How do I go about doing this?

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PDtax

Owner

Master's Degree

6,978 satisfied customers
A property owner has a commercial building he bought in 2001

A property owner has a commercial building he bought in 2001 that he rented to another business owner. Several years later the tenant goes out of business and vacates the building. The landlord finds the occasional tenant but nothing permanent and finally stops paying the mortgage and the property taxes. In about 2012, both the city and lender bring legal actions against the owner for what is owed them. In 2014, the city seizes the property for the back taxes and promptly sells it, leaving no money for the property owner or the lender. In 2015, the lender agrees to a $75,000 settlement of its debt. At the end of all this, nobody issues any tax documents to the property owner, who is left to decide the tax consequence. The owner has lost about $200,000 in total. So, for 2014 and 2015, how is the loss figured and is it ordinary or capital? The property is in Chicago and the owner resides in Connecticut.

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Mark Taylor

Certified Public Accountant

Masters

1,236 satisfied customers
I listed my property with an agent who has done nothing to

I listed my property with an agent who has done nothing to sell my house. I had to suggest an open house. She does not give me any feedback on showing. I had to reach out to her after house was under contract for 2 months and it fell through. The price has been lowered three times. I am very upset at the lack of communication and neglect so I asked for listing to be terminated. We r in a very difficult situation since house is up for foreclosure. The agent is giving me a conditional listing temporary removal of listing. Somehow I signed for 9 months and 4 and half months have passed. I want out and try to sell house myself. It has been a night mare

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bkb1956

Enrolled Agent, Paralegal

5,132 satisfied customers
Early draw from 401k to keep home from foreclosure. Would

Early draw from 401k to keep home from foreclosure. Would this qualify from having to pay the IRS penalty?

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Rakhi Vasavada

Financial / Legal Advisor

Bachelor's Degree

3,986 satisfied customers
We sold our mother's house in 2015, and I had a condo bought

We sold our mother's house in 2015, and I had a condo bought for me(with my brother on title since he is the estate trustee, and holder of the money), and no money has gone thru my account(s) to make that purchase. Of course, as well, I have no mortgage.. any tax liabilities for me?

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Lev

Retired

Bachelor's Degree Equivalent

24,192 satisfied customers
Client refinanced rental loan, can I expense the the balance

Client refinanced rental loan, can I expense the the balance of points expense left from the prior loan, which is being amortized over 30 yrs?Thank you, Fred

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,016 satisfied customers
My husband, a retired District of Columbia police officer,

My husband, a retired District of Columbia police officer, has been receiving a pension check since 1995. The US Treasury Dept. Office of DC Pensions (ODCP) has found that, in its benefits to to police officers and firefighters, DC has not been compliant with Federal law in the calculation of pensions. It used final pay as the basis of the calculation, as opposed to average pay, as required by Federal law, resuting in overpayment of pensions, including my husband's pension from 1995 to 2014. During these years, my husband has paid taxes on the full amount of the pension he has been receiving, including the overpayments.ODCP has waived the collection of past overpayments, but has, as required by law, reported the overpayment to the IRS, labeling it as “discharged indebtedness.” My husband has now received a Form 1099C “Cancellation of Debt”, for the full cumulative overpayment amount, described a “Overpayment of pension benefits,” with reference to event code G.My questions: Does he owe taxes on the reported amount? If so, how are the taxes already paid taken into account?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,016 satisfied customers
I am doing a short sale on a rental property that used to be

I am doing a short sale on a rental property that used to be my principal residence. However, I have not lived in the home for over 4 1/2 years. I was asked by the Escrow company to complete a California 593-C form. I did so and intially checked off #3 under part II of the form, which indicates I have a loss or or zero gain for California income tax purposes. In order to check the box, I had to complete the 593-E form. I completed the form but was surprised to find that I do have a gain. I initially purchased the property for $217K but refinanced it for $240K in 2005. I am selling the property for $220K. I technically don't have any selling expenses because the bank is paying for all of that. However, my escrow company says it has never done a short sale where there has been a gain. Please advise.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,706 satisfied customers
We are in credit card debt over our head ($50,000+). We are

We are in credit card debt over our head ($50,000+). We are making some headway on this debt, but it's slow going and the only way to get any headway was to stop paying on 3 cards over a year ago (when we had no income for a month). I've looked into creditcounseling, but, they want you to give up all of your credit cards. That doesn't work for us...I work from home doing ecommerce (eBay and Amazon sales). I need my credit cards for supply and merchandise purchases. I don't bring in enough, yet, to pay off thecards each month. Oh, and our credit score is in the low 600s due to the credit cards companies lowering the limits almost monthly and raising the interest. Thanks in advance...

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PDtax

Owner

Master's Degree

6,978 satisfied customers
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