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Just a few question. I asked the mortgage company I was

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Just a few question...

Just a few question. I asked the mortgage company I was working with, they referred me to consult with a tax consultant!

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

Sorry I didn’t mean to send. We’re in process of purchasing a home. We had a home inspection & we had the home appraised. After this was done, a judge in Idaho, stopped the sale of this home. The home is owned by my son & he’s going through a divorce. His ex is not shown on the deed, but the judge ruled that we couldn’t buy the house. Would we be entitled to a credit, for the services we had done on the house? If so who would we get the forms from? Would this possibly be a 1099 form? 2. We were in the process of purchasing another home. We finally were finally approved to purchase this other home, we had a home inspection & an appraisal done on it, and at the last minute just b4 the home closed we pulled out. The question I have, 1. Do we get a tax credit for the home inspection & the appraisal? If we do would this fall under a 1099? 2. Lastly, we put $5,000 of hard money, on this last home I’m referring to, that we lost when we pulled out of purchasing this home. I would we get a tax credit for rhe $5,000? Would this fall under a 1099? Also, on this $5,000, one check was for $1,000 that was deposited in nov 2017, and $4,000 was deposited in jan of 2018

Accountant's Assistant: Is there anything else the Accountant should be aware of?

Sorry didn’t mean to send

Submitted: 22 days ago.Category: Tax
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Customer reply replied 22 days ago
That’s pretty much it
Customer reply replied 22 days ago
Jerrel cooper, Layton, utah
Answered in 25 minutes by:
4/2/2018
Tax Professional: Kelly McGlynn, Certified Public Accountant (CPA) replied 22 days ago
Kelly McGlynn
Kelly McGlynn, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 30
Experience: President at Exceptional Bookkeeping Inc.
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Hello. Thank you for your question. I'm Kelly and am here to help you today. I am reviewing your question and will be with you shortly.

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Tax Professional: Kelly McGlynn, Certified Public Accountant (CPA) replied 22 days ago

Unfortunately, none of the payments that you have listed above are deductible for tax purposes. The $5,000 deposit would have been included in the basis of the home if you had purchased it, but since there was no purchase, there is no deduction for tax purposes.

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Tax Professional: Kelly McGlynn, Certified Public Accountant (CPA) replied 21 days ago

I hope I was able to answer your question. If you need more help, please reply to continue our conversation. If you do not require further assistance, your 5 star rating is greatly appreciated. Thank you.

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