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Recent Real Estate Tax questions

Can you tell me if my Net Income is $50,000 and I live in

Can you tell me if my Net Income is $50,000 and I live in the state of Illinois what my federal and state taxes would be approximately thank you

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Robin D.

Vocational, Technical or Trade School

25,004 satisfied customers
I have a tax question. In 2014 I filed a 1040 and on

I have a tax question. In 2014 I filed a 1040 and on schedule A I listed my state taxes from my husband's W-2 and my W-2 as well as my real estate taxes. I also filed a Louisiana state return that year where I indicated that I owed 257 in consumer tax. The following year LA sent a 1099G stating that I had received a 775 refund. When I completed my 2015 1040 I included the 775 state tax refund as income. Yesterday LA sent an amended 2015 1099G for $1032 which they say includes my tax refund of 775 and the consumer use tax I paid of 257. They have suggested that I now have to amend my 2015 1040 to declare 1032 in income not 775. Do I really have to declare a tax I paid as federal income (the $257) if I did not include it in my schedule A as a deduction the year before?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: No

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,586 satisfied customers
I am being given a life estate on a property in from my

i am being given a life estate on a property in Virginia from my sister who owns property outright, what tax issues will I face?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

11,032 satisfied customers
I received a 1098MA and am not sure what to do or how to

I received a 1098MA and am not sure what to do or how to properly reflect this on my returnJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I received a 1098: box 1 = 1792.15, box 2 = 193755.29, box 3 = 07/10/2006, box 4, 5, 6, = 0, box 7 = no check mark, box 8 = address, box 9 = empty, box 10 = 1066.55....... I also received a 1098-MA: box 1 = 6323.77, box 2 = 845.67, box 3 = 5478.10 .... I am not sure if I need to adjust by mtg interest and property tax deduction and if so, how?JA: Is there anything else important you think the Accountant should know?Customer: The state paid some of my mortgage payments as part of the hardest hit program

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Barbara

Enrolled Agent, Paralegal

6,460 satisfied customers
I bought primary residence in 2006. Bought two adjacent

I bought primary residence in 2006. Bought two adjacent pieces of vacant land next to it in 2012. Sold all three to same buyer in 2016 on same date. Three deeds, three 1099s forms. Under Reg 1.121 I can include the gain from the vacant lots in my $500K homeowner exclusion. I don't know how to record on tax forms. Do I add up values from all three 1099s forms and make one entry?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: Not that I can think of.

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Lev

Retired

Bachelor's Degree Equivalent

25,410 satisfied customers
This is from your previous answers, but I believe the

This is a follow up from your previous answers, but I believe the typical charge of $38 is warranted.Concerning the 1099-C dispute I had with the lender, the lender replied to my dispute: "The amount of debt discharged on the 2016 Form 1099-C is the difference between the unpaid principal balance or amount owed and the foreclosure sale proceeds. Funds received are applied first to fees and advances owed on the loan, then to overdue interest. When applicable, any remaining funds are then applied to the unpaid principal balance. The remaining unpaid principal balance owed after all funds are applied is then cancelled and reported on the Form 1099-C." More or less a generic reply. They didn't have a breakdown of what these amounts are, but I replied requesting such data.I'm almost sure that interest and fees can not be included in the Box 2 Amount, "Amount of debt discharged". But what about an Escrow shortage? I have over $50,000 Escrow shortage mostly made up of Homeowners insurance premiums and real estate taxes paid by the lenders. Can this be part of the debt? Or is it just the Unpaid principal balance of the loan.

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PDtax

Owner

Master's Degree

7,916 satisfied customers
Second opinion] I have residential rental properties but am

Second opinion] I have residential rental properties but am not a Real Estate Professional. I have a separate purchased garage property used for storage of equipment used in the rentals. How and what can I expense on this garage? Just the mortgage interest and real estate tax on Schedule A? No depreciation since there is no income?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: Purchased garage property and had fix up expenses to make it secure for use as a storage unit.

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

11,032 satisfied customers
I have residential rental properties but am not a Real

I have residential rental properties but am not a Real Estate Professional. I have a separate purchased garage property used for storage of equipment used in the rentals. How and what can I expense on this garage? Just the mortgage interest and real estate tax on Schedule A? No depreciation since there is no income?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: Purchased garage property and had fix up expenses to make it secure for use as a storage unit.

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Lev

Retired

Bachelor's Degree Equivalent

25,410 satisfied customers
My wife and I have been separated for two years and will be

My wife and I have been separated for two years and will be divorced in July 2017. We are filing jointly for 2016 taxes. She resides in the marital home and I purchased a separate home in 2/2016 and have been living there since that time. For 2016 taxes can we count mortgage interest and property taxes for both homes or do we need to pick one of them? They are both primary residences for us independently.THanks,Brian

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Robin D.

Vocational, Technical or Trade School

25,004 satisfied customers
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