6 Home Deduction Traps and How to Avoid Them

By: Barbara Eisner Bayer Schedule A is the part of Form 1040 you use to list myriad deductions, and the more moving parts, the more prone you are to misinterpretation. To save you heartache, we asked four tax experts to weigh in on the six most common Schedule A mistakes do-it-yourselfers make. Trap #1: Line…

What happens to a pending sales contract if seller files a Chapter 7?

The seller can file a Chapter 7 bankruptcy even if he is in contract to sell. The contract to sell (purchase contract) is an executory contract and the bankruptcy trustee has 60 days to accept or reject it. However, in the vast majority of cases, the property is upside down and the trustee will therefore…