All Forum Posts by: Marty Gangler

Thanks for your helpful input Brian.

Yeah, we went to h&r block, and we are pulling our info back from them and moving on to a cpa. Funny thing is I thought the same thing as the purchase was done initially as a primary residence and that is how I read the mortgage relief act.  According to h&r block we owe 40k in taxes and that is after they ran it up the flag pole to their experts. Maybe that will ultimately be the case, but not going to take this without trying to find other avenues. 

Hello.  I had a house in the suburban Chicago area for 5 years.  The first 3 years it was a primary residence.  Then once we decided to increase our family we bought a new house and converted the first house to a rental in 2010.  The market was horrendous then so there was no way we could sell.  After 2 years of renting we could no longer carry the house and losses mounted.  So we short sold the house (as a rental) in 2012.  We received a 1099-C in year 2015 and now have to put it on our taxes.  It's for 125k.  Do we have to pay taxes on this amount forgiven because it was a rental?  I went to a tax person and they are researching it - and scaring the bejesus out of my wife and I.  I remember being told (in 2012) that as we lived in the place for 2 of the first 5 years it would be included in the Mortgage relief act, but it's hard to find this clause anywhere.  Has anyone dealt with this situation?   

what is unfortunate is that i wasn't exactly happy with the plumbers schedule either but there is nothing i could do about it. what is killing me is that i just bent over and gave them money off last month and they are trying to bend me over again. plus, they were told to move everything out of the back area but didn't do it - the renter told me he was going to put plastic on his couch yet he didn't do it and they think that the plumber should have protected everything. i just don't see how they could go after the plumber without going after me in some way. They are clearly unreasonable and wrong as they didn't do what they were told to do and were put out maybe 2-3 extra days than what they were told. i need to talk to a lawyer.

I've talked with the plumber and have witnessed the dust issue first hand. I was even in there cleaning it up. They don't have much of a leg to stand on, but they are still mad about the situaiton and have asked for the plumber's insurance info.

I have a rental house that has had some water issues. Sewer back-ups and gound water in the basement. I've immediately come and cleaned anything up for the renters but it has happened just too many times and I hired a plumber to do some costly repairs. I gave the renters a $500 rent deduction for the water issues as they were very upset over things and I wanted to keep the peace. Now, the plumber situaiotn has taken a few days longer than anticipated and there has been dust on the renter's belongings and they claim damage to some property. So they wanted money off on the rent due to the plumbers haphazzard schedule and dust issues (they were informed about the dust possibility - this is an even longer story) I told them I would not be giving them any more off the rent as I didn't have to do it in the first place. They claim they were able to use 1/2 the house - but it was only for 1 week. They have asked for the plumbers insurance info now that I will not be giving them anything. Do I have any liability here? Can they go after the plumber? I don't think they can prove any real damage to anything - a TV (and other things) shouldn't get dusty yet it's not broken. Should I give them the insurance info? Am I at risk of anything? Especially after I already gave them money off of rent for this whole issue. I think they will have a tough time claiming real damage but I don't feel like going to court.

Thanks,