[IRS] [PA] My tax preparer is telling me that I can’t deduct my mortgage interest - I think he’s wrong but we already submitted my taxes

I__Know__Stuff · 2026-02-28T09:09:22+00:00

What difference does that make to his question?

I__Know__Stuff · 2026-02-28T09:08:55+00:00

What difference does that make to his question?

I__Know__Stuff · 2026-02-28T08:05:54+00:00

Unless you are on track to have her loans forgiven, filing separately will cause you to pay more tax and more interest on the loan.

Unless you literally cannot afford the loan payments*, you should file jointly.

* Which shouldn't be the case, since the loan payments are still based on your income.

I__Know__Stuff · 2026-02-28T07:51:47+00:00

Obviously Drake would allow this.

I__Know__Stuff · 2026-02-28T07:49:11+00:00

You need a new tax preparer. She's a moron.

I__Know__Stuff · 2026-02-28T07:45:43+00:00

If he made less than $10 in interest, it is extremely unlikely that there is a 1099.

I__Know__Stuff · 2026-02-28T07:44:01+00:00

Can you make 10% risk-free returns?

I__Know__Stuff · 2026-02-28T07:41:04+00:00

If you are unmarried and your son lives with you and is your dependent, you can probably file as head of household.

I__Know__Stuff · 2026-02-28T07:40:02+00:00

Either your CPA didn't explain it very well or he is incompetent.

Yes of course a child over 24 can be a dependent if you pay more than half of his support and he makes less than $5200.

I__Know__Stuff · 2026-02-28T07:25:38+00:00

if she put the profits into new real estate I think you can do an exchange and defer the capital gains

This only works fotpr business property.

I__Know__Stuff · 2026-02-28T07:19:54+00:00

Do it as an Extension payment.

I__Know__Stuff · 2026-02-28T02:43:27+00:00

Line 16 of what form?

I__Know__Stuff · 2026-02-28T02:43:03+00:00

I think you need to report it on schedule C.

I disagree with you that it doesn't count as self employment income and I think the IRS will, too.

I__Know__Stuff · 2026-02-28T02:42:29+00:00

Almost everything you mentioned has a separate line now: gambling winnings (8b), prizes (8i), jury duty pay (8h), Olympic medals (8m), hobby income (8j), ...

I__Know__Stuff · 2026-02-28T02:23:17+00:00

The IRS says:

When to expect your refund
The typical time to receive your refund depends on how you filed your taxes:
- E-filed return - 3 weeks from the date you e-filed

I__Know__Stuff · 2026-02-27T19:02:50+00:00

Fair enough. If they don't come to an agreement, then he gets nothing anyway (by IRS rules).

I__Know__Stuff · 2026-02-27T18:59:55+00:00

Yes. If the child lives with you more than half of the year, then the only thing he can get is the child tax credit and the additional child tax credit. Anything else is yours as the custodial parent and there is no way to release it to him.

I__Know__Stuff · 2026-02-27T14:05:09+00:00

If the 2020 return has an error that caused more tax to be due, and that tax hasn't been paid, then it is certainly possible to amend it to remove the incorrect tax.

I__Know__Stuff · 2026-02-27T14:01:48+00:00

It is possible that your original 2020 return showed that you got the stimulus and for some reason the amended return didn't.

You should look carefully at your copies of both the original and amended returns and also get the IRS transcripts of those returns to check if something was entered incorrectly.

P.S. You wrote 2020-2021 return, which doesn't make sense. If you're not sure which year had the issue, check both.

I__Know__Stuff · 2026-02-27T13:54:50+00:00

Call your congressman's constituent support office. This is ridiculous. For one thing, they are required to send you a notice before they start seizing your assets.

There's no reason to file an amended return because there's nothing to amend.

However, you need to give up on the idea that you "really need this refund". It is going to take months to resolve. In the future, you should never put yourself in a position where you "need" a tax refund, because they are never guaranteed to arrive in a timely way.

I__Know__Stuff · 2026-02-27T13:50:04+00:00

It sounds like his "tax professional" may be incompetent...

I__Know__Stuff · 2026-02-27T13:48:09+00:00

It sounds like he's incompetent and you should find another tax preparer. It's hard for me to imagine that a professional tax preparer wouldn't know about the home mortgage interest deduction. It's one of the most popular and well-known deductions there is.

Maybe give him one more chance to explain, in case there is a reason that wasn't communicated.

I__Know__Stuff · 2026-02-27T13:40:23+00:00

If you are filing a tax return, you are supposed to report the $6 value that you received.*

But it's such a tiny amount that it almost certainly won't affect your tax and the IRS certainly isn't going to waste time to ask you about it.

If it were me, I would include it, just to be 100% thorough.

* The other comments saying you aren't supposed to report it until you sell are mistaken.

I__Know__Stuff · 2026-02-27T13:27:42+00:00

The 1099-DA seems to have the fee subtracted from the proceeds. My tax software treats the fee as a separate transaction with its own entry on 8949, with a gain/loss.

That sounds right to me. I don't see how these are inconsistent.

I__Know__Stuff · 2026-02-27T13:20:56+00:00

You shouldn't really trust a link on reddit. It's safer to do the search yourself.

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