It was fun while it lasted

[Janicek]

We have been to Couples the last two years, and have made reservations for this year at CN. However, some incorrect information relating to a home sale has left me with a $15k or more tax bill to the IRS this year. Of course I can't pay that, so no doubt a payment plan is in the works. I will probably be paying that debt until I retire, if I ever get to retire (long story).

Bottom line, no more vacations for us in the foreseeable future, to Couples or anywhere else.

It has been fun. Today is a sad day.

[Cathy_Joe]

That really stinks!!!
Sorry to hear that.

[Coloradojuli]

So sorry to hear the news. Perhaps you could get with one of those firms who negotiates the debt down. Just a thought.

[theyamons]

Bummer... hopefully you can find a way to get back to Couples sooner than you think. Good luck.

[cleversole]

JaniceK, so sorry to hear that. You were going to be there the same time as us and I was looking forward to meeting you (in the evenings)at some point. I hope it works out so you can return.

[Steve & Cindy]

Maybe its not out business, but something sounds fishy and I would suggest you spend some time researching this or hire a good tax accountant.

Capital gains tax liability is non existant unless you made a profit of $500,000 on the sale of the house ( married filing jointly ). I would think if you made that the tax bill would not be a problem.

There is much confusion about a 3.8% sales tax on all home sales in order to pay for the health care from Obama. many people, including a few accountants and IRS employees are interpreting the law as 3.8% on the full sale value. The fact is that the sales tax is also only on profits over $500,000. this is a very good article on the situation.http://factcheck.org/2010/04/a-38-pe...-on-your-home/

I do not know, nor do i need to know your situation, but i am having difficulty understanding how a sale of a home would generate that type of liability in this economy. If you would like to discuss further you can e mail me at ditchdr20033@yahoo.com. Again, onlytrying to help, hate to see anyone not be able to return as often as possible.

[ORV]

Maybe its not out business, but something sounds fishy and I would suggest you spend some time researching this or hire a good tax accountant.

Capital gains tax liability is non existant unless you made a profit of $500,000 on the sale of the house ( married filing jointly ). I would think if you made that the tax bill would not be a problem.

There is much confusion about a 3.8% sales tax on all home sales in order to pay for the health care from Obama. many people, including a few accountants and IRS employees are interpreting the law as 3.8% on the full sale value. The fact is that the sales tax is also only on profits over $500,000. this is a very good article on the situation.http://factcheck.org/2010/04/a-38-pe...-on-your-home/

I do not know, nor do i need to know your situation, but i am having difficulty understanding how a sale of a home would generate that type of liability in this economy. If you would like to discuss further you can e mail me at ditchdr20033@yahoo.com. Again, onlytrying to help, hate to see anyone not be able to return as often as possible.

If it's a second home and you made a profit the capital gains rules do not apply. Went through this last year.

I definitely would get a 2nd opinion, sometimes things aren't as bad as they seem.

[Janicek]

Not capital gains. Short sale on my old home (moved in with my wife) and this was the debt forgiveness difference.

[melody]

I don't know a lot about taxes but I really hope you can work it all out. I'll be praying that someone just made a mistake or that you can negotiate your debt down. they sure do make it seem easy in all those commercials!

[LisaPat]

shame that with a debt forgiveness comes that 1099 showing it as income....I wish we would abolish the income tax for the fair tax

[Janicek]

Well, after conversations with my attorney and CPA, there's good news and bad news.

The good news is that I do NOT have to pay tax on the debt forgiveness. Fantastic news!

The bad news: I still have a tax debt for this year because of the way in which my wife chooses to handle our finances. We will no longer be able to afford a trip to Jamaica unless she chooses to foot the entire bill, and that's never going to happen.

So, I have really enjoyed my time both on this board and at the resorts, but it's time to move on. It's very hard to come to this board, knowing I will likely never be able to return. My best wishes to everyone. Raise a cold one for me.

[wileeandrr]

I'm sorry to hear that... g/l & gb

[Jamerinadians]

Count your blessings. It sounds like your wife has a good handle on the finances. Pay your debts, save for a vacation where you can, and you'll be back on the beach in Jamaica in no time. Good luck.