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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 585
Experience:  10 years experience
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I would appreciate some help completing my 1040NR.

Customer Question

I would appreciate some help completing my 1040NR. Background is as follows.
I bought a condo in 2010 to use as a rental property. (Purchase price & improvements $35,950)
I elected to treat property as a trade or business.
I submitted tax returns every year from 2011 to 2015 and took deprecation (Total $7,780)
I sold the property in 2015 for $78,000 (Selling Costs $6,572)
FIRTPA of $7,800 was also withheld by purchaser – I have a stamped “Copy B” 8288-A that I received from the IRS
I am now trying to do my final return but I fear my head will explode. I understand the concepts of capital gains and recapture of depreciation but the tax forms are a nightmare.
My understanding is that my Capital Gains liability is as follows. I have filled in 4797 & Schedule D as best I can – see my line entries below. (I am assuming that I only need to fill in section III of 4797 as the property is a Condo so really there is no land involved.)
Recapturable Depreciation @25% on $7,780 = $1,945
Long Term Capital Gain @ 15% on $34,742 = $5,211
Total Capital Gains tax payable = $7,156
• line 6 - $43,258 (from line 32)
• line 7 - $43,258
• line 9 – 43,258
• line 19
• A – Condo rental
• B - 1884
• C -12/03/06
• line 20 - $78,000 (Sale Price)
• line 21 - $42,522 (Purchase price, Improvements & Sale costs)
• line 22 - $7,780 (Total Depreciation taken over the years)
• line 23 - $34,742
• line 24 - $43,258
• line 26a – 0
• line 26g - 0
• Line 30 - $43,258
• line 32 - $43,258
Schedule D
• line 11 - $43,258
• line 15 - $43,258
• line 16 - $43,258
• line 19 - $43,258
• As mentioned I have a loss of $1,522 on my 2015 Schedule E return (from carried over losses from previous year).
I am afraid that I can’t work how to calculate my liabilities on the 1040NR. I have shown my line entries below.
Form 1040NR
• line 14 - $43,258
• line 18 – ($1,522) (Schedule E)
• line 23 - $41,736 (14 + 18)
• line 36 - $41,736
• line 37 - $41,736
• line 41 – What do I put in here?
• line 42 - What do I put in here?
• line 62c - $7,800 (Withheld FIRTPA on 8288A)
• line 71 - $7,800
I would appreciate any guidance that you can give me.
Submitted: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year ago.

Hi Pat,

I will verify your filing and will update you with results.

I would need some time to do that - I am sending you am offer - please accept and I will start working.

Please allow some time - and will be able to reply later today.

Customer: replied 1 year ago.
Can I clarify that the £34 cost for the offered situational analysis is the same £34 that was indicated as the cost for an acceptable answer when I submitted my question rather than a potential extra £34 (£68 in total).Regards
Expert:  Lev replied 1 year ago.

That would be an ADDITIONAL cost.

However your actual payment is based on how you signed for services.

Please be aware that experts do not have access to your account and if you are not sure - that would be directed to the customer service.

Customer: replied 1 year ago.
I am afraid that I will not be taking you up on your offer. The service is not what it was indicted when I posted my question and appears to be fraudulent misrepresentation. I do not want my question answered. I want a full refund of any money charged and confirm now that I do not authorize any further payments. Failure to refund any charges will be passed to my credit card company. Regards
Expert:  Lev replied 1 year ago.

As I mentioned - experts do not have access to your account and all issues about your payments should be directed to the customer service.

So far - I personally served thousands of clients on this site

My personal record may be reviewed here

Your interpretation regarding fraudulent activity is not correct - so far I received NO compensation - and have NO intention to deprive your money...

I honestly answered your question and personally offered your a service that you are free to accept or not.

I truly believe that you will benefit from my service but that will take my time to provide analyzes as that is not simply a question - thus I expect my service to be fairly compensated.

Otherwise - that is your choice...

Customer: replied 1 year ago.
I was prepared to pay £34 for an answer to my question. It now appears that the minimum cost will be £68 to get an answer so that is fraudulent to me. I accept that it is not you directly that is being fraudulent and I do understand that you probably would be able to answer my question. I am now very skeptical of "Just Answer".To confirm - you have not answered my question - you have only offered to answer on the payment of more money - £34 in addition to £34 that I appear to have been charged even though I only agreed to a £3 deposit with up to £34 based on confirmation that I am happy with your answer. I am really disappointed with this situation as I don't need the hassle. Please pass on my request for refund of all payments to Just Answer.Regards
Expert:  Lev replied 1 year ago.

Sorry to have your disappointed.

If you do not want an additional service - just reject it - there is nothing fraudulent...

However I do not want to spend a couple of hours to analyse your tax return without being compensated and I clearly indicated that.

Whatever you posted is not a simple question that may be answered relatively quickly and will require substantial time and skills - you must know that as you already prepared your return - and your expectations were unrealistic.

Here are instructions to cancel your subscription.

I still truly believe that you will benefit from my service and your possible tax saving could be more than the cost of the service.

If you change your mind - you are welcome back.

Otherwise - I wish you the best.