Topic: We got an tax (semi?) experts around here?

[Cory Magel]

I'm having an issue with the sale of a house not being reported.  Without going into detail, not really my fault, but it is my (former) house, so it's become my problem.

Anyone familiar with this kind of snafu with the IRS?

[Peter R]

I would suggest you pay for professional advice.

[bpowell]

I would suggest you pay for professional advice.

I agree, I remember selling my house when I moved here.  What a PAIN!!

-BP

[Cory Magel]

I think I tracked down the issue.  Tax preparer didn't include the sale of my house (mistake #1).  After talking to a real estate agent (who talked to a title company agent) it sounds like the Title Company/Lender reported the sale of my house, but not the payoff amount (mistake #2).  So it appears to the IRS I didn't report the sale of a house that I made 100% profit on.

The reason I posted here is you never know when someone who hangs out on boards like this *IS* a professional in an area related to your question.

[Thom @ ICE]

And we allow leniency for longstanding posters.... though repeated use of the forums for non-gaming issues would be addressed with moderation.  Glad you got your answers.... now back to the important stuff.... gaming!

[bpowell]

And we allow leniency for longstanding posters.... though repeated use of the forums for non-gaming issues would be addressed with moderation.  Glad you got your answers.... now back to the important stuff.... gaming!

{GM} OK, your party is being attacked...
{Warrior}  Are they Orcs?  We will wipe the floor with them!  Bring them on!
{GM}  As they get closer you see they are in cheap suits and are carrying brief cases.  Please give me an Observation check...
[Warrior}  OK....a 98!  and a 35...that means total is a 193...What do I see?
{GM}  Strange Runes on the breifcases....I...R...S
{Warrior}  What!?!?!?!  Run away!

-BP

[yammahoper]

And we allow leniency for longstanding posters.... though repeated use of the forums for non-gaming issues would be addressed with moderation.  Glad you got your answers.... now back to the important stuff.... gaming!

{GM} OK, your party is being attacked...
{Warrior}  Are they Orcs?  We will wipe the floor with them!  Bring them on!
{GM}  As they get closer you see they are in cheap suits and are carrying brief cases.  Please give me an Observation check...
[Warrior}  OK....a 98!  and a 35...that means total is a 193...What do I see?
{GM}  Strange Runes on the breifcases....I...R...S
{Warrior}  What!?!?!?!  Run away!

-BP

+1 

[Cory Magel]

And they're looking for $161,843!

[Peter R]

And they're looking for $161,843!

Ouch!

[bpowell]

And they're looking for $161,843!

You did not hear about the NEW 1040EZ?   Only two (2) lines of text.
 
1)  How much did you make last year, including all sources?
2)  Send it!

-BP

[Cory Magel]

I still don't get how they came up with that number.  I mean, I know it looks to them as if I sold a house free and clear and didn't report it, but even with the value of the house and my income added without deductions that's like a 36% tax rate.  I'd would be interesting to know how they arrived at that.

Anyhow, I've got the info I need from the bank (no thanks to them) and the title company is supposed to be sending me paperwork (they were ignoring me until I sent the real estate agent that originally asked me to use them after them).  Spoke to the IRS and they just said send that in with an explanation and I shouldn't even need to re-file.  They probably don't want to put a bunch of work into an effort that's not going to make them a penny.