I used Gary’s services to file my 2012 income tax return. This was my first year having an accountant do my return, as I have always done it myself using TurboTax. However, this year I had cancelled debt from my old primary residence which I was forced to convert to a rental property after relocating out of state.

While it didn’t cost me anything to do the short sale, the income tax consequence from the cancelled debt, roughly $50,000 in my case, was enough to move me from the 15% tax bracket to the 25% tax bracket. Needless to say, I was concerned about that.

Finances were already tight and my husband and I are expecting our first child this fall. So the possibility of owing income tax was stressing me out. However, Gary was great at relieving my fears.

He is extremely knowledgeable, answered all my questions and was very thorough. I knew I was in good hands. He kept in constant contact with me throughout the process, keeping me updated on the progress of my return and letting me know what paperwork he needed to complete my filing.

In my mind, best case scenario would have been to not owe any taxes. Second best would be to only owe a little. Well, you can imagine my surprise and delight when Gary told me I was actually due a refund of a little over $2,700.00!

To top it all off, I found Gary’s fee for service to be fair, competitive and affordable; especially given the complexity of this type of return. I am so glad I did not try and go it alone this year. I am extremely pleased with Gary’s service and would recommend him highly to anyone, in fact I already have. If you have cancelled debt from a short sale or foreclosure, don’t freak out. Take a deep breath and call or email Gary. I am grateful I did.

Angie Falke of Holiday, FL

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Retirement CPA discusses Elders Losing Home through Tax Lien Sales

The National Consumer Law Center published an eye-opening 56 page report on how elderly and impoverished folks lose their homes through tax lien sales.

Step One: a municipality establishes a tax lien on the home. The report cites an unpaid $362 water bill in Baltimore escalating into a foreclosure. A similar example cites a $474 sewer bill in Rhode Island ending in the same result.
Step 2: the tax lien goes un-paid.
Step 3: the municipalities sells the tax lien to investors.
Step 4: the investors demand a huge return on their investment, or;
Step 5: the investor seizes the house.

The report states that many laws about the process are old and don’t reflect the current foreclosure conditions. It cites corrupt officials, predatory late night TV commercials, and sleazy banks. Overall, current regs allow investors to avoid full disclosure to homeowners about how they can redeem the situation.

As a Retirement CPA, I often see documents that aren’t formatted to be readily understood. Plus, my Dad’s mail box fills with what I consider deceptive advertising. Even from companies that have ethical reputations.

“Your family is the best tool to protect your family.”
- Gary Bode, retirement CPA in Wilmington NC

I’m a retirement CPA with a virtual office. Distance isn’t an issue. If you’d like a free phone consultation, please call (910) 399-2705.

Pursuant to the requirements of the Internal Revenue Service Circular 230, we inform you that, to the extent any advice relating to a Federal tax issue is contained in this communication, including in any attachments, it was not written or intended to be used, and cannot be used, for the purpose of (a) avoiding any tax related penalties that may be imposed on you or any other person under the Internal Revenue Code, or (b) promoting, marketing or recommending to another person any transaction or matter addressed in this communication. You can't reasonably rely on this website for tax preparation advice. The posts are an overview of the topic at a particular point in time. Tax code changes. Your specific fact pattern affects application of any tax issue. Reading this website does not constitute a CPA-client relationship.

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