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Means test question - mortgages
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I agree with Dennis
David A. Tilem
Certified Bankruptcy Specialist*
Law Offices of David A. Tilem (a debt relief agency)
206 N. Jackson Street, #201, Glendale, CA 91206
Tel: 818-507-6000 Fax: 818-507-6800
* Bankruptcy specialist cert. by State Bar of CA Bd of Legal
Specialization.
Dennis McGoldrick
Sent: Wednesday, April 02, 2008 7:30 AM
To: cdcbaa@yahoogroups.com
Subject: Re: [cdcbaa] Means test question - mortgages
EriK:
If she is on title, it is a secured claim and a
deduction. Problem is probably not with the means
test, but due on sale clause.
dennis
> All you Means test gurus out there,
>
>
>
> I have an above median income client where the 2
> mortgages on her
> residence are not in her name. She is on title and
> makes all payments.
> The mortgage payments total $5,100. Any way I can
> take the deduction in
> the means test?
>
__________________________________________________________
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Message
I agree with
Dennis
David A.
Tilem
Certified Bankruptcy
Specialist*
The post was migrated from Yahoo.
EriK:
If she is on title, it is a secured claim and a
deduction. Problem is probably not with the means
test, but due on sale clause.
dennis
> All you Means test gurus out there,
>
>
>
> I have an above median income client where the 2
> mortgages on her
> residence are not in her name. She is on title and
> makes all payments.
> The mortgage payments total $5,100. Any way I can
> take the deduction in
> the means test?
>
The post was migrated from Yahoo.
charset="windows-1251"
Seen this issue before. Not CPA, but my friends say okay to take deduction
but both owner and payor need to provide letters to accompany 1040 seeking
deduction. May trigger audit.
David A. Tilem
Certified Bankruptcy Specialist*
Law Offices of David A. Tilem (a debt relief agency)
206 N. Jackson Street, #201, Glendale, CA 91206
Tel: 818-507-6000 Fax: 818-507-6800
* Bankruptcy specialist cert. by State Bar of CA Bd of Legal
Specialization.
Sent: Friday, March 28, 2008 6:26 AM
To: cdcbaa@yahoogroups.com
Subject: RE: [cdcbaa] Re: Means test question - mortgages
She is single and the loan is in her friend's name. I'll check the tax
deduction
M. Erik Clark
Borowitz, Lozano & Clark, LLP
100 N. Barranca Avenue, Suite 250
West Covina, CA 91791
www.BLClaw.com
Office: (626) 332-8600
Fax: (626) 332-8644
Board Certified in Consumer Bankruptcy
American Board of Certification
_____
The post was migrated from Yahoo.
Use B22C line 26 with a declaration.
Erik Clark wrote: All you Means test gurus out there,
I have an above median income client where the 2 mortgages on her residence are not in her name. She is on title and makes all payments. The mortgage payments total $5,100. Any way I can take the deduction in the means test?
M. Erik Clark
Borowitz, Lozano & Clark, LLP
100 N. Barranca Avenue, Suite 250
West Covina, CA 91791
www.blclaw.com
Office: (626) 332-8600
Fax: (626) 332-8644
Board Certified in Consumer Bankruptcy
American Board of Certification
Never miss a thing. Make Yahoo your homepage.
Use B22C line 26 with a declaration.Erik Clark <eclark@blclaw.com> wrote: All you Means test gurus out there, I have an above median income client where the 2 mortgages on her
residence are not in her name. She is on title and makes all payments. The mortgage payments total $5,100. Any way I can take the deduction in the means test? M. Erik ClarkBorowitz, Lozano & Clark, LLP100 N. Barranca Avenue, Suite 250West Covina, CA 91791 www.blclaw.comOffice: (626) 332-8600Fax: (626) 332-8644Board Certified in Consumer Bankruptcy American Board of Certification
Never miss a thing. Make Yahoo your homepage.
The post was migrated from Yahoo.
She is single and the loan is in her friend's name. I'll check the tax deduction
M. Erik Clark
Borowitz, Lozano & Clark, LLP
100 N. Barranca Avenue, Suite 250
West Covina, CA 91791
www.BLClaw.com
Office: (626) 332-8600
Fax: (626) 332-8644
Board Certified in Consumer Bankruptcy
American Board of Certification
________________________________
The post was migrated from Yahoo.
Erik,
How does she treat the mortgage payments for tax purposes? Does she
take the deduction for the interest paid and property tax payments?
Is the residence in her spouse's name, as a married man, as his sole
and separate property? Wouldn't community property be used to service
the debt? My point of view is that if she takes the tax advantages,
she would take the Means Test deduction. And, if her spouse holds
title as married, as his sole and separate, which was done at the
suggestion of a lender or broker, but it otherwise was or would be her
community property and community debt, should you be more aggressive
and take the deduction?
Best regards. Lou Esbin
>
> All you Means test gurus out there,
>
>
>
> I have an above median income client where the 2 mortgages on her
> residence are not in her name. She is on title and makes all payments.
> The mortgage payments total $5,100. Any way I can take the deduction in
> the means test?
>
>
>
> M. Erik Clark
> Borowitz, Lozano & Clark, LLP
> 100 N. Barranca Avenue, Suite 250
> West Covina, CA 91791
>
> www.blclaw.com
> Office: (626) 332-8600
> Fax: (626) 332-8644
> Board Certified in Consumer Bankruptcy
> American Board of Certification
>
The post was migrated from Yahoo.
All you Means test gurus out there,
I have an above median income client where the 2 mortgages on her
residence are not in her name. She is on title and makes all payments.
The mortgage payments total $5,100. Any way I can take the deduction in
the means test?
M. Erik Clark
Borowitz, Lozano & Clark, LLP
100 N. Barranca Avenue, Suite 250
West Covina, CA 91791
www.blclaw.com
Office: (626) 332-8600
Fax: (626) 332-8644
Board Certified in Consumer Bankruptcy
American Board of Certification
All you Means test gurus out there,
I have an above median income client where the 2 mortgages on
her residence are not in her name. She is on title and makes all payments.
The mortgage payments total $5,100. Any way I can take the deduction in
the means test?
M. Erik Clark
Borowitz, Lozano & Clark, LLP
100 N. Barranca Avenue, Suite 250
West Covina, CA 91791
www.blclaw.com
Office: (626) 332-8600
Fax: (626) 332-8644
Board Certified in Consumer Bankruptcy
American Board of Certification
The post was migrated from Yahoo.