In a legal settlement where my mortgage company agreed to take back the property as a deed-in-lieu (DIL) due to mortgage fraud and forgery, and I received a 1099-A listing $80k as debt forgiveness, do I owe tax on the 'debt forgiveness'?

October 21st, 2024

How can I access my IRS transcripts, including my total tax history going back to the 90's, including liens and history of past tax balances due?

August 12th, 2024

In the case of a short-sale nonrecourse loan, should the cancellation of debt (COD) be subtracted from the cost basis or added to the sales price, as per IRS forms 4797, 4681, and Pub 544?

August 30th, 2024

I received a Sch K-1, form 1041, Box 14 with item code H for Foreign Gross Receipts and expenses, categorized as passive income from other countries with a gross amount of $510. Additionally, Box 14 has a code B for Passive Income from other countries with taxes of $36. Do these amounts need to be reported on other forms, and if so, which forms and lines should they be reported on? Also, can the $36 foreign tax be directly reported on page 2 of the 1040 as a foreign tax credit, given that I have other foreign tax credits but do not exceed the $600 allowed for MFJ?

February 14th, 2023

I received an answer from Jax Tax that the 1099 comes from the K-1. However, there is no K-1, only the 1099s that are scrambled on the Schedule E, making them incompatible to add other miscellaneous expenses and compounding errors for depletion. I tried to respond to the answer but could not. I do not have a smartphone or other forms to communicate with you. So far, your answer does not have any help for me at this time!

August 24th, 2024