sheesh..no responses to resale of main home

[cashjunkie]

... i have prepared the 1040X and am ready to
send it soon.

[cpadan]

do the research

So what do you think this board is, a free research service? I have not ran across your situation before, but one where no gain was recognized and the following applied. This should put you into the right area of the tax code,

If Code Sec. 1038(a) (the “realty repossession rule,” see ¶ 10116 ) applies to a reacquisition of real property with respect to the sale of which gain was not recognized under Code Sec. 121 (relating to the exclusion of gain from the sale of a principal residence, see ¶ 10475 et seq.); 26 and within one year after the date of the seller's reacquisition of the property, that property is resold by the seller; 27 then, under IRS regs, Code Sec. 1038(b) (gain from repossessions, see ¶ 10118 et seq.), Code Sec. 1038(c) (basis of reacquired property, see ¶ 11443 ), and Code Sec. 1038(d) (debt in connection with repossessions, see ¶ 10120 ) don't apply to the reacquisition of that property. In applying Code Sec. 121 , the resale is treated as a part of a transaction constituting the original sale. 28


--------------------------------------------------------------------------------
26

Code Sec. 1038(e)(1) .
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27

Code Sec. 1038(e)(2) .
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28

Code Sec. 1038(e) .

[cashjunkie]

gee thanks dan

i thank you for your "free research" and wonder if your admonition wouldn't
apply to everyone posting questions here.
why have the "discussion board" at all?

[Brad Imsdahl]

This message board is all about asking questions and receiving answers from pros willing to share their knowledge for free. Nothing wrong with that. Given the fact that people are answering questions for free, I think cpadan made a good point in that if nobody answers your question, there is no need to criticize the lack of response.

Your question contains some complex tax issues. How to deal with Section 121, a Contract for Deed, a death of the Contract holder, and a repossession of the contract. You might be the first in all creation with that situation, so don’t get impatient with us for not knowing the answer.

In fact, I would hope that when you do find the answer, you will let us know.

[cashjunkie]

no criticism implied

well i suppose one could infer some impatience in my second
post, however none was intended. my prior posts have all been responded to within minutes so i was just surprised. apology extended, and i'll certainly be more circumspect
regarding members sensibilities.

[cpadan]

I didn't mean to be a wise guy, but there was an attitude in the second post that led to my tone. I have learned much from this board and am willing to share whenever I can. (Spelling and grammar doesn't count here!)
Good Luck,
Dan

[BOB W]

I think.....

.... what CPADAN did, post a reply, was over and above the call of duty. When I saw CASHJUNKIE I thought it was spam. Even after I read the post I still thought it was spam.

The writing was hard to read and lent it to be iginored. Not that I had an answer, it was just a move-on post.

Most of us don't have time available, especially in the next few months, to answer a question that has so many issues. But CPADAN took the time and he deserves credit.

[cashjunkie]

oh brother

so i guess you thought Black Bart was looking for poker tips....and i shudder to
think of what you thought about Oxtrainer.

[Snaggletooth]

Stick Around

Stick Around Junkie...

You just need to get to know us better....We'll treat you so many ways, you're bound to like some of 'em.

Snaggletooth

[cashjunkie]

thanks snag

will do snag. the last time i was slapped around a bit, it was by
an exotic dancer in new orleans....but i liked it then...8-).

[Black Bart]

Dear CJ,

...guess you thought Black Bart was looking for poker tips...

Will you or will you not draw to an inside straight?

P.S. If you'll just keep on typin' to the end of the page, then the machine will cut off your sentences naturally (doing a "wrap-around") and it'll all work out nicely (your stuff will be easier to read). Please do not interpret this as a challenge to a duel.

P.P.S. What state you from?

[cashjunkie]

B Bart

don't play poker enough to answer that question. florida. and if MY writing style is difficult to follow, i have to wonder how (those having difficulty) ever get through tax code.8-). but as you see, i'm trying to play nice.

[TMI Moderator]

Ladies, stop your bickering.

If someone posts a question, and you don't like the "tone," ignore the post.

We will not tolerate name-calling. There have been problems with spammers in the past, but we believe we have the problem under control. In this case calling the poster a "spammer," among other negative terms, is name-calling. We will not tolerate personal insults on this board.

Please do not speculate on the motives of others then call for banishment. For one thing, there's no guarantee you'll escape the fire if we start going down that road. This forum is as open as we can feasibly make it. Help us keep this board open by keeping a lid on it.

[BOB W]

I can't.......

..... believe you are being blind. And thanks for deleting my posts, I must be the true spammer.......

I guess he bought your book, well so did I.

[Brad Imsdahl]

..... believe you are being blind. And thanks for deleting my posts, I must be the true spammer.......

I guess he bought your book, well so did I.

Bob, we have no way of knowing whether or not cashjunkie is a paying customer. For all we know, you are correct about the spamming issue. If cashjunkie returns and starts to insult our regular users again, we will ban him.

In the meantime, there is a feature that allows you to add a poster to your ignore list. Just click on their name, click view public profile, and in the center there is an option to add so and so to your ignore list. Once selected, you won’t see their post.


I think maybe we all have an itchy trigger finger due to what has happened in the last few months. We were being blasted with 20 to 30 spams a day that needed to be deleted. As it turns out, the spammer(s) was using software to automatically register and post spam. Multiple message board forums from around the world were getting hit simultaneously by the same guy. The problem was solved when we upgraded our software to require manual registration. The new software prevents people from using automated registration programs to hit our board with spam. Since we implemented this system, none of the new registrations have come from that region of the world where our spammer guy was located.