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Recent Real Estate Tax questions

I work in USA in H1B Visa. Am I allowed to file the federal

I work in USA in H1B Visa. Am I allowed to file the federal tax through itemized deduction method? Is it allowed to show the interest paid on the homeloans at my home country. Please clarify

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Robin D.

Vocational, Technical or Trade School

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Tina. I own a home which is currently in litigation. Can I

Hello Tina. I own a home which is currently in litigation. Can I deduct the real estate taxes and the interest that I a accruing from my IRS income tax?JA: Because real estate law varies from place to place, can you tell me what state this is in?Customer: IllinoisJA: Has anything been filed or reported?Customer: A lawsuit has been filed against Chase bankJA: Anything else you want the lawyer to know before I connect you?Customer: The bnk is not accepting any mortgage payments from me at this time.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,678 satisfied customers
Two properties are held in a trust. One was rented in 2015

Two properties are held in a trust. One was rented in 2015 for two months then immediatley prepared it for the Market to sell it. It sold in 2016. The other property is the decease homestead property of which is also for sale but has not sold. Where does this property expense are reported in the 1041? The one property that was rented for 2 months in 2015 was placed under rental property for purpose of income, expenses, depreciation etc....but how about the home the decease lived in? Where does those expense go under?

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taxmanrog

Master's Degree

990 satisfied customers
2015 Situation, A property that has been a rental property

2015 Situation, A property that has been a rental property of the decease (DOD 10/1205) and reported on personal taxes for several year was transfered to it's beneficiary -- Warranty Deed (12/2015). The Property was in a Trust for 54 days before the transfer took place. The beneficiary were the tenants of the property. The tenants paid the XX Revocable Trust it's rent until the indenture took place. Assuming that the two rents received after death is recorded as income on the Trust return. From DOD to this indenture date, does this property declared on the 2015 1041? The decease had unallowed loss from previous years. What happens with all the losses?

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taxmanrog

Master's Degree

990 satisfied customers
I am 65 years old. I have not owned a home in the last 7-8

I am 65 years old. I have not owned a home in the last 7-8 years. If I use some, or even all, of one of my retirement savings, is there any possible tax advantage or disadvantage to doing so?

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Robin D.

Vocational, Technical or Trade School

22,348 satisfied customers
I have personal credit card debt, and business credit card

Hi I have personal credit card debt, and business credit card debt, this year 2017 i am trying to pay it with additional income and reducing expenses, my question is since i will be generating more cash flow, and making payments to credit cards, my question is can i deduct payments made to personal credit cards and business credit cards?, and another question what are my options that i have regarding this situation minimize taxes in 2017?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,678 satisfied customers
As a co-signer for a mortgage can I use part of the tax

as a co-signer for a mortgage can I use part of the tax benefits of the mortgage if I have a contract stating that with the primary owners?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,678 satisfied customers
Where do I report proceeds from court forced liquidation?

My friends trust just settled a court case from a liquidation of a partnership that never had any accounting, never filed any tax returns, and don't believe anyone will file one after the partnership is liquidated. The sale of the house will be reported to the Partnership Tax ID. I have a court order that says I am not responsible for filing a tax return. The only asset of the partnership was a 3-flat building that was a commune created in 1971. The trust acquired his 1/3 interest when his estate was closed in 2012, and I have an appraisal from that time that I can use as the estates basis. How and where do I report the proceeds from the court forced liquidation of the partnership? I am the Trustee of the trust.

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My question is about my property taxes.. My home is paid for

my question is about my property taxes..JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: My home is paid for but I am getting behind on my property taxes! Which includes school taxes and water taxes. What can I do? I already have a company to pay my taxes but my husband got behind on the bill...JA: Is there anything else the Accountant should be aware of? Sorry about that. I must have missed it. Could you tell me again?Customer: thats it

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

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