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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: 1 month ago.Category: Tax
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Customer reply replied 1 month ago
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Customer reply replied 1 month 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 1 month 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

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Patrick Mullis
Patrick Mullis
Patrick Mullis, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 21
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Experience: Capital Accounting Analyst / Financial Analyst at Norfolk Southern

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