User talk:EZTAX

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Contents

Foreclosure Mess

EZ: I did not have any intelligent advice to give you, so I did not post to the board. But, take some comfort in the fact that the U.S. Congress and the IRS know it's a huge problem too. I have a gut feeling that the Service will be somewhat kinder and gentler on all matters touching foreclosure. They have already been given a "friendly" nudge by Congress. CrowJD 22:07, 24 September 2007 (CDT)

File a 2006 1040 and claim the telephone tax credit. then if you need to claim this money as taxable income you can just amend the return. ontargettax

divorcing couples RichCPA 11:28, 9 November 2008 (CST)

I left a response/question on the forum and am curious as to your response. thanks RichCPA 11:28, 9 November 2008 (CST)

Solar credit vs. AMT 2009

Hi. I was reading your last post on this topic and was wondering if you ever found your answer, as I have the same question. I did find this document that states there is an AMT offset, but am struggling to find anything at IRS site.

http://www.seia.org/galleries/pdf/ITC_Frequently_Asked_Questions_10_9_08.pdf

amending first-time home buyer credit taken on 2008 return to take on 2009

Did you get an answer to your question? Would you be allowed to amend 2008 and take the credit in 2009 if it were beneficial?

Our intial research suggested this would be OK but we found nothing definitive.

STML...?

Maybe it's my Short-Term Memory Loss acting up but I don't remember what the "massage" was about. Maybe I offered to deliver someone's "message".

I have professional credentials in accounting but my experience as a masseur is totally personal and I can count the victims beneficiaries on one hand. At least when she's looking over my shoulder.

Did I miss something in a recent thread?

Harry Boscoe 19:25, 30 January 2010 (CST)

STML, again.

Got it! With my, uh, age-related-memory-problem [which has *nothing* to do with Pabst Blue Ribbon] I'm often forgetting what I've said just about as soon as I've said it. I *do* remember offering to massage someone else's, uh, words, here on the TaxAlmanac forum earlier today.

Whew. I thought for a second or two that I might have actually offered more... And she-who's-looking-over-my-shoulder would kill me for that!

Harry Boscoe 19:51, 30 January 2010 (CST)

Brochure From Calif. Assoc. of Realtors

In Discussion: Foreclosure vs Short Sale Tax Implications, you stated that you read in a California Association of Realtors brochure that a non–recourse loan that goes through a short sale is treated as a recourse note with COD income. Would you please fax (916-910-2071) or email (dfogel@surewest.net) a copy of this brochure to me because I’d like to send a letter to the CAR. Thanks. DaveFogel 14:55, 19 March 2010 (CDT)

Article From California Association of Realtors

EZTAX, thank you for faxing the article to me. I will probably write a letter to their legal department. DaveFogel 20:11, 20 March 2010 (CDT)

Article From Calif. Assoc. of Realtors on Short Sales

EZTAX, the article you faxed to me from the California Association of Realtors concludes (in the answer to Question #9) that there is cancellation of debt income in a short sale regardless of whether the debt is recourse or nonrecourse. The article is dated September 10, 2007 (see the small print below the CAR's address on the last page). This particular answer was subsequently modified, and a revised article was published on October 9, 2008, that omits this conclusion. DaveFogel 16:59, 24 March 2010 (CDT)

Discussion history

Hi - a new user posted to your NOL/bankruptcy discussion last night; the post has been removed because it seemed more of a rant than an attempt to provide additional info to the situation you and Kevin had already resolved (and the user had no profile and had posted in all caps). You probably know how to click on the "history" tab and review prior versions of a discussion, but to save you that step I'll paste the post that was removed below - you might get more out of it since you're in the middle of the situation.

Trillium 10:50, 5 October 2010 (CDT)

<p>DavidTaxMD (talk|edits) said:</p> 5 October 2010
THERE IS ABSOLUTELY NO WAY YOU CAN GO AFTER A REFUND ONCE THE CLIENT/TAXPAYER HAS FILED AND GONE TO THE 341 DISCHARGE HEARING. NOL OR NOT, THE IRS HAS NO RECOURSE FOR 2005, THEN THE TAXPAYER TOO CANNOT GO TO THE "WELL" AND EXPECT UNCLE SAM TO PONY UP MONEY WHEN THE LAW PROTECTS THE CITIZEN WITH A LITTLE THING CALLED A FEDERAL JUDGE. NO WAY!! TO EVEN THE THOUGHT OF TAKING AN NOL CARRYBACK, TO TRY AND PRODUCE A REFUND AFTER THE FACT, ie; DISCHARGE OF TAXES IN BANKRUPTCY



Hey Ian thanks for the nice message

Hi Ian,


Thanks for the kind words. Are you in Capitola?

Just curious..

I used to live in Santa Cruz (many moons ago), and made some great friends there. If so, I'll have to look you up next time I'm in the area. A friend up here in the city and I make the trek every now and then. He likes to surf. (I like Pizza My Heart)



Douglas - just wanted to thank you for you contrbutions. They have been high quality and very helpful. I learn a great deal from this site and contributors like you really make a difference. Thanks again.

EZTAX 16:17, 24 March 2010 (CDT)Ian Alper - EZTAX

Hello,

I am trying to determine if a contribution to a SEP-IRA is allowed if a person's entire Sch C income is excluded because of the Foreign Earned Income deduction. From the discussion (link below), it appears that the answer is NO, TP cannot make a contribution to their SEP-IRA. R2 quoted section 911(d)(6).

However, when I read Pub 560 p5, it talks about net earnings from self-employment and says "Net earnings from self-employment does not include items excluded from gross income (or their related deductions) other than foreign earned income and foreign housing costs amounts." Also, I don't see this as a double benefit, as R2 points to.

So, it seems to me that you can include "excluded foreign earned income" in your net earnings. So, if high enough, you could make a contribution to your SEP.

My tax software (ProSeries) allows the deduction, but so what?

Anyway, I'm curious as to your position on this topic. Would you mind commenting on whether or not a SEP-IRA contribution is allowed.

http://www.taxalmanac.org/index.php/Discussion:SEP/IRA_foreign_income

Sorry, I forgot to sign my previous message. Norman Norman-tx 23:06, 1 December 2011 (UTC)

SSI and Dependents

Hi Ian,

A SSI recipient must pay about 1/3 of their SSI payments for rent or room and board or SSA will reduce the SSI benefit. In 2011, SSI was $674 a month and the reduced amount, I believe would be $452 a month.

So, say your client's daughter pays $300 a month (we always say room and board and not rent) for R&B, and most of the remaining amount for clothing, recreation, etc (they aren't allowed to have more than $2000 in assets, that includes life insurance). Daughter is providing $674 a month for her own support.

You complete the support worksheet. In a household of 2 people, the daughter's portion of rent, utilities, food, misc, is 1/2. It's easy to prove that the daughter is not providing more than half, unless the family is paying very low rent.


Cathy

CathysTaxes 01:18, 17 March 2012 (UTC)

The debt WAS cancelled but TP did not receive 1099C. I am aware of the personal residence exclusion, but it was also a rental for two years.

Thank you EZ

Much appreciated.

ZL

PAL limits - primary residence

EZ, I'm going to take your post as a 'clue' that profit motive is a key issue related to whether the taxes and interest can be claimed on the Schedule A. In fact it was rented at 2700, though his monthly mortgage payment is 3333. So it would seem profit motive was involved. How would you recommend handling this situation? Thanks! Anchorman 12:47, 22 February 2013 (UTC)Anchorman

test

Per Diem work

Hi EZTAX,

If any of your work can be done remotely, I would be interested in the per diem work you mentioned.

SPEITELCPA

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