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foreclosure Hey, anybody know what to do with a foreclosure on your tax form? do ya just "take it off" your form now that there were any payments/interest/etc made (eg. there will be no form sent to me from the bank such as an INT form). Maybe I'll just leave it there and annotate it as "foreclosed" and leave it at that...

By: Guest
Date: Unknown--
Response
0
So,

Maybe I'll just leave it there and annotate it as "foreclosed" and leave it at that...

You do just that ... it's very likely that the IRS WON'T leave it at that.

[d] By: Guest
Date: unknown---
Response
0
Just go to turbo tax dot com and make up a

If you go to a preparer, he's subject to ethics requirements. No ethics required for online providers.

[d] By: Guest
Date: unknown---
Response
0
I would suggest.

Taking a few moments and going to talk to a professional about it, or at the very least reading Pub 4681 which covers foreclosure issues. The 2010 one is not avaible but nothing significant has changed since 2009 to my knowledge.

It would be far better than notating "foreclosed" and leaving "it at that"....

[d] By: Guest
Date: unknown---
Response
0
Was the first time homebuyers credit received?

If you received this credit (or intrest free loan for the first group of "credits") then I would suggest talking to a professional. I know that the sale of a home within a certain time frame may result in repayment of that credit. Forecloser is like a "sale" back to the bank, so if that is a factor then talk to a tax professional that has encountered this.

There may also be a 1099-C for Cancellation of Debt. Make sure that if you get this then you meet with an EA or CPA so that the proper forms are filed. You may be able to exclude this from income taxes, but don't just "forget" about it.

If interest was paid, wouldn't you still get the 1098 from the lender as long as it was over $600? Most mortgage statements that I have seen will state the YTD interest paid.

[d] By: Guest
Date: unknown---
Response
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NO NO...all wrong

No that is not what you do with a foreclosure. There is a special form that needs to be filled out. If you do it wrong...1 of 2 things will happen. It will pass by an IRS agent that is familiar with foreclosures and they will properly fix it for you or it will pass by one that doesn't have a clue or doesn't want to spend the time on it. They will figure the amount of your foreclosure as taxable income and send you a bill for it. I'm more then qualified to help you with your return . My fees are a 4th of what you'd pay at H&R block.

[d] By: Guest
Date: unknown---
Response
What is 1 + 100



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for restaurants, kiosk, and any other retails business completely free. It can be used as windows cashier system or as full blown POS. You will able to print to kitchen, display orders on the kitchen screen, manage inventory, employee, report, customer loyalty offers, employee management, delivery address track and much more, all for free.

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