Can the IRS $500,000 allowable net proceeds for a married couple from primary residence be used to offset 1099C income from a short sale? - Short Sale Superstars2024-03-29T05:15:07Zhttp://shortsalesuperstars.com/forum/topics/can-the-irs-500-000-allowable-net-proceeds-for-a-married-couple?commentId=3468065%3AComment%3A394172&xg_source=activity&feed=yes&xn_auth=noMinna,
Thank you. Will send t…tag:shortsalesuperstars.com,2018-09-12:3468065:Comment:3942732018-09-12T20:02:32.555ZPat Hoodhttp://shortsalesuperstars.com/profile/PatHood
<p>Minna,</p>
<p>Thank you. Will send this on to the CPA.</p>
<p>Pat</p>
<p>Minna,</p>
<p>Thank you. Will send this on to the CPA.</p>
<p>Pat</p> That tax exclusion is current…tag:shortsalesuperstars.com,2018-09-12:3468065:Comment:3943892018-09-12T17:35:18.139ZMinna Reidhttp://shortsalesuperstars.com/profile/MinnaReid
<p>That tax exclusion is currently expired. They may or may not renew it again for 2018, but odds are we wont know until 2019.</p>
<p>I am not a CPA, but I have seen some CPA's use that same capital gains exclusion methodology to apply it - primary residence 2 out of last 5 years. So if they do extend the act, I assume many CPA's would continue to use that same logic. But obviously - ask the CPA to be sure.</p>
<p>That tax exclusion is currently expired. They may or may not renew it again for 2018, but odds are we wont know until 2019.</p>
<p>I am not a CPA, but I have seen some CPA's use that same capital gains exclusion methodology to apply it - primary residence 2 out of last 5 years. So if they do extend the act, I assume many CPA's would continue to use that same logic. But obviously - ask the CPA to be sure.</p> Thank you, Brett! Contract in…tag:shortsalesuperstars.com,2018-08-31:3468065:Comment:3941722018-08-31T00:04:50.651ZPat Hoodhttp://shortsalesuperstars.com/profile/PatHood
<p>Thank you, Brett! Contract in March of 2018 and closing tomorrow ...two liens. In Arizona so first will be ok due to non-recourse for purchase money loans here.Tax attorney I spoke with a couple years ago stated in AZ even without Mortgage Debt Forgiveness we are ok because of those state statutes. It is the second HELOC that I am looking into with my clients' CPA. He'll get about an $89,000 1099C on the second.</p>
<p>Just thought checking on the $500000 was worth a try!!!!!????? I will…</p>
<p>Thank you, Brett! Contract in March of 2018 and closing tomorrow ...two liens. In Arizona so first will be ok due to non-recourse for purchase money loans here.Tax attorney I spoke with a couple years ago stated in AZ even without Mortgage Debt Forgiveness we are ok because of those state statutes. It is the second HELOC that I am looking into with my clients' CPA. He'll get about an $89,000 1099C on the second.</p>
<p>Just thought checking on the $500000 was worth a try!!!!!????? I will keep checking and share on this site if that might be an option.</p>
<p>Thank you for always being so prompt with your responses!</p>
<p>My best,</p>
<p>Pat</p>
<p></p> Not a CPA but never heard of…tag:shortsalesuperstars.com,2018-08-30:3468065:Comment:3941692018-08-30T23:48:13.576ZBrett Goldsmithhttp://shortsalesuperstars.com/profile/BrettGoldsmith
<p>Not a CPA but never heard of that and have a high confidence you can't do that.</p>
<p>When did they enter into contract? If it was 2017 the mortgage debt forgiveness act may still apply. Not sure of the nuances of entering into contract in 2017 means.</p>
<p>Not a CPA but never heard of that and have a high confidence you can't do that.</p>
<p>When did they enter into contract? If it was 2017 the mortgage debt forgiveness act may still apply. Not sure of the nuances of entering into contract in 2017 means.</p>