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  1. #1
    Join Date
    Jun 2009
    Posts
    311

    Default It was fun while it lasted

    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.
    Janice and Keith in FL


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  2. #2
    Join Date
    Jun 2009
    Posts
    223

    Default

    That really stinks!!!
    Sorry to hear that.

  3. #3
    Join Date
    Jun 2009
    Posts
    2,323

    Default

    So sorry to hear the news. Perhaps you could get with one of those firms who negotiates the debt down. Just a thought.
    Juliann & Jeff
    Jamaica Soon Come

  4. #4
    Join Date
    Jun 2009
    Posts
    181

    Default

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

  5. #5
    Join Date
    Jun 2009
    Posts
    763

    Default

    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.

  6. #6

    Default

    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.

  7. #7
    Join Date
    Mar 2010
    Posts
    325

    Default

    Quote Originally Posted by Steve & Cindy View Post
    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.

  8. #8
    Join Date
    Jun 2009
    Posts
    311

    Default

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


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  9. #9
    Join Date
    Jan 2010
    Posts
    1,032

    Default

    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!

  10. #10
    Join Date
    Jun 2009
    Posts
    270

    Default

    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
    The sun & the sand & a drink in my hand, with no bottom

  11. #11
    Join Date
    Jun 2009
    Posts
    311

    Default

    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.
    Janice and Keith in FL


    CTI 2009
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  12. #12
    Join Date
    Jul 2009
    Posts
    1,040

    Default

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

    CSA 2009, 2014 [20th anniversary]
    CSS 2010
    CN 2011

  13. #13

    Default

    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.

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