I want to tell you about a $48,000 tax mistake a new client made last year with a real estate sale. It was before he was our client and there is no way to fix it now. But, we could have fixed it last year.
If you have real estate that you’re getting rid of at a loss, do not forget about the tax issues. FREE! Teleseminar “Tax Issues with Short Sales, Loan Modifications, Foreclosures and Loss on Sale”
Saturday, October 10, 2009 at 9 am Pacific, 10 am Mountain, 11 am Central and Noon Eastern. SIGN UP NOW by going to www.DianesSeminars.com
Here’s the problem that our new client had. He had taken the real estate professional designation the year before so that he could take advantage of the losses. He also aggregated the real estate properties that he had. But he missed one critical step before he sold. And that meant the loss on the property had to be suspended until he sold ALL of the other properties.
It’s too late to go back. He just has to wait. The tax benefit of that loss could have saved him over $15,000 in taxes.
Tags: loan modification tax • short sale tax • tax real estate loss
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On October 12th, 2009 | 11:38 am
teresa said:
Hi
I missed this event and I really wanted to listen as my husband and I are going thru a short sale right now with one of our properties
On August 26th, 2010 | 12:31 am
Get a Loan in Today’s Market | USTaxAid Services said:
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