Welcome Guest. Register Now!  

LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 03-19-2015, 01:32 AM
Junior Member
Join Date: Mar 2015
Posts: 1
Insolvency did not include our current mortgage balance

In 2013 we short sold our rental home at a loss. We hired a CPA to figure if we were insolvent or not. She claimed we were not and therefore paid a huge income tax that what was reported as cancellation of debt/income. However we have discovered that the balanced owed on our primary home was not included as a liability which would have made us insolvent and not having to pay taxes on 57000.00. Can we ammend out 2013 federal taxes and get our money back?

Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
K1 Ending Capital Account Balance speedracer350 Miscellaneous 3 01-07-2014 12:30 PM
trial balance issuance to client/third party confusedbydebt CPA Forums 3 06-06-2013 03:32 PM
Dissolving/Closing S-corp with an A/P balance taxinputs87 S-Corporation 0 08-30-2010 11:33 PM
balance transfer fee abidor Itemized Deductions 0 04-05-2009 03:19 PM
S Corp - Should Books Balance with Net Loss? nofunsally S-Corporation 0 03-29-2009 07:35 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 » Income
 » IRA/Sep
 » Medical
 » Payroll
Forum for CPAs
Financial Planning