Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

I need help filling out the form 886-a on Part 1 & 2. We…

Customer Question
I need help filling...

I need help filling out the form 886-a on Part 1 & 2

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

We receive a 1098 mortgage interest on the property we sold which was our primary residence. We had a loan modication few year ago but now that we sold it , our lender Chase sent us a 1098 for $109,798.84 which what we claimed on our 2015 tax return. IRS now wants us to fill out the form. They are questioning the amount is too high. Can you help me with this? Please advise

Accountant's Assistant: Is there anything else important you think the Accountant should know?

No, I was hoping the Accountant tell me what else I need to know beside filling out the Form 886-A Worksheet

Submitted: 4 months ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Customer reply replied 4 months ago
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call.
Customer reply replied 4 months ago
Let me know if you need more information, or send me the service offer(s) so we can proceed.
Customer reply replied 4 months ago
My guest on Part I #1 is the original purchase of the propertyThey also purchase another property on 2015 after they sold the Cedar Property. Shall I calculate both for the #1 & 2? What is grandfathered debt?
Answered in 3 hours by:
12/30/2017
Tax Professional: Patrick Mullis, Certified Public Accountant (CPA) replied 4 months ago
Patrick Mullis
Patrick Mullis, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 21
Experience: Capital Accounting Analyst / Financial Analyst at Norfolk Southern
Verified

Form 886a is just an explanation of items. I would enter the number off the 1098 and include it with the forms sent t the IRS I would not calculate the numbers related to another property unless I received another 1098 related to that property (I would also include that in forms sent to the IRS). Hope this helps

Ask Your Own Tax Question
Was this answer helpful?
Ask Patrick Mullis Your Own Question
Patrick Mullis
Patrick Mullis
Patrick Mullis, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 21
21 Satisfied Customers
Experience: Capital Accounting Analyst / Financial Analyst at Norfolk Southern

Patrick Mullis is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,495 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,272 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
IRS Tax Question: Property bought October 2017, used 7
IRS Tax Question: Property bought October 2017, used 7 personal days and the rest of the time it was used to get ready to get it rented. If I put 0 rental days on the tax software, the only expense it… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,244 satisfied customers
Can interest & charity donations be used on 2018 tax return?
Can interest & charity donations be used on 2018 tax return? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Is the mortgage interest I paid in 2017 considered income? I
Hi, Is the mortgage interest I paid in 2017 considered income? I am using Turbo Tax and its asks for the amount in box 1 of my mortgage tax statement (which is mortgage interest paid). On turbo tax th… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,129 satisfied customers
What form Tennessee tax form would a California resident use
What form Tennessee tax form would a California resident use to report to Tennessee taxing authorities the income and expense relating to the rental of a single family residence located in Tennessee?… read more
abci168
abci168
Principal
27 satisfied customers
The allocation of mortgage interest & real estate taxes on a
the allocation of mortgage interest & real estate taxes on a married filing separately.return one spouse owns the house and his name is ***** ***** name on the mortgage.Is the other spouse entitled to… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
My live-in partner put the mortgage interest on his taxes
My live-in partner put the mortgage interest on his taxes with a deduction of $3800. If we were to split that in half since I pay half of the mortgage what is the fair amount I would get … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,129 satisfied customers
A US tax client sold property - a plot of land in the US
A US tax client sold property - a plot of land in the US Virgin Islands - that he had not paid for himself but instead inherited through a family trust.Does he owe income tax on the gain? The full pro… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,129 satisfied customers
Can I take mortgage interest and the standard deductions?
Can I take mortgage interest and the standard deductions? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,272 satisfied customers
Can I deduct mortgage interest, real estate taxes, utilities
Can I deduct mortgage interest, real estate taxes, utilities and condo fees for a commercial rental property that I have not made available for rent? I am assuming that Building appraisal fees, and le… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
On the 1040A form how can i deduct state property tax (
on the 1040A form how can i deduct state property tax (Washington State)? … read more
James Daloisio
James Daloisio
Attorney
Doctoral Degree
242 satisfied customers
Where do report for Partnership (LLC) returns using Form
Where do report for Partnership (LLC) returns using Form 1065 income recipient from taxable federal grant? Specifically, 1099-G, Box 6.… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,027 satisfied customers
Regarding limit on mortgage interest (debt exceeds $1
Regarding limit on mortgage interest (debt exceeds $1 million for 2017). Need help finding the average mortgage balance. Client has a total of 3 homes. Lived in home "A" until March 31 (this was prima… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,129 satisfied customers
This is in regards to a partnership tax return Form 1065 and
This is in regards ***** ***** partnership tax return Form 1065 and potentially amending it. The only reason for the amendment would be the distribution information on the K-1s was incorrect. Nothing … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I am filing MFS 1040 return. I have mortgage interest which
I am filing MFS 1040 return. I have mortgage interest which is paid from mine and husband joint account. Tax-wise it is beneficial for me to deduct more on schedule A than for my husband. Is it okay t… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,244 satisfied customers
Pearl. My tax question is about mortgage interest deduction.
Hi, Pearl. My tax question is about mortgage interest deduction. I had equal co-ownership of a property with my ex-fiance from January through October 2017, when I transferred sole ownership of the pr… read more
abci168
abci168
Principal
27 satisfied customers
We got a notice from a bank regarding mortgage interest on a
We got a notice from a bank regarding mortgage interest on a loan that says it may not all be deductible. The amount of interest is 1186. I called them and the bank said they thought it was deductible… read more
Mark D
Mark D
Enrolled Agent
Master's Degree
1,338 satisfied customers
Form 886-A Deductible Home Mortgage Interest Taxpayer has
Form 886-A Deductible Home Mortgage Interest Taxpayer has $1,000,000 in Grandfathered debt. Line 9 Form 886-A - is this line amount after deducting the garandfathered debt… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
1098 Mortgage interest form: My wifes name is on the loan
1098 Mortgage interest form: My wifes name is ***** ***** loan and on this form, however, I've been making the payments and would like to claim this on my tax return … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,296 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x