1099-A / Help Me Get My Mind Around This

[RitaB]

Taxpayer gave back a timeshare unit week. Says the original cost was $5100. Well, the debt cancelled is $9500. Wha? I can't figure out how they could owe more than the original cost. They did not borrow money using the timeshare as collateral. What am I missing?

Edit: Think she means she has PAID $5100 on the debt? I know, I know, why am I asking you and not her?

[RitaB]

Neve Mind, Cheddar

I see what happened. She gave me the cost of the one they let go in 2008, which HRB reported incorrectly, as I look over last year's return.

Yippee for me!

[thomtax]

There is an ad on television about this barber shop that has a big chain move in across the street, advertising $6 haircuts. He goes to Office Depot and has a big sign made that says
"We fix $6 haircuts".

You need a sign that says "We fix HRB returns."

On the serious side, it sounds as if she paid the money down and is calling that what they paid for the unit. Probably when the debt she took on is added up, the actual cost was much higher. Just a guess.

LT

[gkaiseril]

There could also be the yearly maintenace fees past due.

[RitaB]

Yeah!

There is an ad on television about this barber shop that has a big chain move in across the street, advertising $6 haircuts. He goes to Office Depot and has a big sign made that says
"We fix $6 haircuts".

You need a sign that says "We fix HRB returns."

On the serious side, it sounds as if she paid the money down and is calling that what they paid for the unit. Probably when the debt she took on is added up, the actual cost was much higher. Just a guess.

LT

I have seriously thought about this: "We do block repair."

Heat and air guy up the street has a sign that says, "We fix $39 installations."

[WhiteOleander]

I have seriously thought about this: "We do block repair."

Heat and air guy up the street has a sign that says, "We fix $39 installations."

There are quite a few H&R Block preparers on this board, including myself. I have 15 years of experience and have been an EA since 1998. But, I will be sure not to ever respond to one of your questions because I know you would have no respect for the answer since you do "block repair".

[Jesse]

I think it would be better suited to have a sign that said "We fix GPS driven returns".

Did you hear that commercial that uses the analogy of using the GPS for directions to using Turbo Tax(I think it was Turbo Tax) to prepare your return?

I had a gal come in and she did her own returns for years, she's been pen-pals with the Fed and State for years too. Last year she came in to have me prepare her return and now again this year. She asked if I had heard the ad and she said "You know, that's not a very good comparison, you can get lost using that GPS - look at the people that were stranded in the mountains - I'll never again use a DIY program", I spit out my coffee laughing so hard.

[RitaB]

I apologize, WhiteOleander

There are quite a few H&R Block preparers on this board, including myself. I have 15 years of experience and have been an EA since 1998. But, I will be sure not to ever respond to one of your questions because I know you would have no respect for the answer since you do "block repair".

I am sorry. I know there are many good H&R preparers. I should not have lumped everybody together like that. You are a very knowledgeable preparer, and I ask your forgiveness. Thank you for bringing this to my attention. I stand corrected.

Sometimes, I open my mouth just to change feet.

[WhiteOleander]

I am sorry. I know there are many good H&R preparers. I should not have lumped everybody together like that. You are a very knowledgeable preparer, and I ask your forgiveness. Thank you for bringing this to my attention. I stand corrected.

Sometimes, I open my mouth just to change feet.

Thank you for the apology. I did not respond for that purpose.

I too have seen some really bad mistakes from Block offices. But, one of the worst mistakes I have ever seen came from a CPA. But, not all CPAs are incompetent. There are some independent preparers here who consistently prepare erroneous returns. Then after April 15th the clients can't find them and come to our office for help. But, not all independent preparers are incompetent.

One of the things I have learned the most from my years of experience is knowing what I don't know. So I don't want to discourage any new people from posting.

[RitaB]

Well, I get spanked at church, too

First thing Pastor read:

1 Corinthians 13:4 - Love is patient, love is kind. It does not envy, it does not boast, it is not proud.


Yep, there are good and bad preparers across the board. I have been enlightened, and I will try to think faster than I type next time.

And, I'm not really new on here, I should be paying more attention. Thank you for correcting me.