User talk:Laketahoecpa

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Franchise Fees, Leasehold improvements, etc

Laketahoe, Thanks for your answers to my posts today. Yes, the same client was involved on my posts. Paid a lot money to open a business that prepared meals for busy, upscale, double career families with no time for the kitchen. Used to have three of these within a mile from here. Today two of the three are gone, but not before they invested and lost about $200K. Wish I had your view of the world... Lake Tahoe... (sigh). I'm in the Virginia Beach area, so I'm not complaining too loudly, but....

Good luck the rest of tax season Anchorman 13:55, 30 March 2009 (CDT)

You have helped before, maybe again?


I have a client who received a 1099 C and a 1099 A for a short-sale of their house.


Bought house for 570,000

Shortsaled for 330,000

1099C on First for 183,224, not liable, FMV of 250,000

1099A on Second for 131,705, liable, FMV 0.00

This is my thoughts:

FODI the 183,224 and complete the form 982

Complete Schedule D for sale of 330,000 with a reduced basis from the FODI totaling 386,775

My Problem:

Does that cover the 1099A, or do I have to do a separate disposition? Can it go under the FODI and the 982?

Or do I just report the sale of the 131,705 with the basis of 386,775 and forget the sale for 330,000?

Your help is always appreciated. I look forward to your thought.


Hi my name is mike,

I have a client who inherited his mother's residence, after she passed away

He was placed on title, but the mortgage was still in his mother's name.

IRS has disallowed his schedule "A" deduction for interest expense

IRS was sent the following 1) Title to property,(Grant Deed), 2) Death Certificate of Mother,

3) Cancelled checks showing payment of mortgage,and an explanation of the responsibility of

paying the mortgage and if not the loss of if he defaults.

IRS states if needs proof,

question::  What type of proof are they searching for?

The property was held as a second residence, it was never rented or depreciated.

I remember a court case dealing with this subject but could not find.

Can you help, Thank you.


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