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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

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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

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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

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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

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8,926 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

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16,764 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

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6,768 satisfied customers
I recently purchased a timeshare that I realized I didn't want

I recently purchased a timeshare that I realized I didn't want after the 10 day grace period, so I've just been paying on it. Recently I visited another resort whom tried to sell me their timeshare and I informed him of my recent purchase and that I was unsatisfied with it and couldn't get out. He suggested me letting that timeshare go (stop paying it) and writing off the total cost of the timeshare on my taxes. At most, I can only see me being able to write off what I have paid into the tImeshare and not the entire cost. What's are your thoughts?

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PDtax

Owner

Master's Degree

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6,768 satisfied customers
I would like to know what type of bankruptcy options I have

I would like to know what type of bankruptcy options I have for my situation. Since losing my job, I have been unable to land a job that will enable me to continue to make my mortgage payments and I think I need to file bankruptcy instead of going throughthe foreclosure process.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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16,764 satisfied customers
I have a question about credit. I had a house i had an 80/20

I have a question about credit. I had a house i had an 80/20 loan on. The house got foreclosed on about 4 years ago in the recession. In the foreclosure the 80 percent of the loan got taken off my credit and shows as a foreclosure like it should. The 20 percent still shows up on my credit report and is killing my credit since it shows unpaid for the last 4 years. In this situation should I look into filing bankruptcy or will it eventually fall off my report. All my other credit, cards, car everything is paid on time and haven't had a late payment in years.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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16,764 satisfied customers
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