Hello All.. I was hoping I could get some clarification on my final payment. I just received my usual letter today from the trustee with the breakdown of the payments I have made and the disbursements. It states that I have $1530.00 left to pay into my plan and there is $427.00 balance on hand.My petition was filed on 06/30/17 and my first payment was 07/20/17. Am I correct to think that my last payment will be May? I was only concerned because my payment is $250.00 per month and it would not be paid in full in May. Will the balance on hand of $427.00 be applied to that $1530.00 ? I also have a question about the sale of inherited real estate and taxes. My brother and I sold my fathers house last year after he passed away. It was sold for $60,000 cash and it was split between us. I just received a 1099 from the buyers attorney showing that I received $30,000 which is true but I only received $3000.00 of that and the rest was sent to the trustee. Do I have to pay taxes on $30,000 ?
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Hi brit929 .
If you haven't done so already, you can setup an account at NDC.org. You will need your case number I believe, and you create a username/password.
Once setup, you can look at your payments, and add them all up, to determine where you're at with total payments remaining.
Also, since I assume you are in a 60 payment plan, and your first payment was 07/20/2017, then the May payment would be payment #59, and payment #60 would be June 20 2022. Basically, your 12 month cycle runs from July through June of the following year.
RE: the taxes: you could consider tax prep software such as Turbo Tax, or talk with a tax professional. Both cost money of course. But, I you might pay taxes on 30K; maybe not. I think the tax prep software may cost less than a tax pro; it asks you questions about real estate, inheritance, etc. If you have a Costco membership you can save money on the cost of the tax prep sw. Just a few options.
Additionally, you may get free tax assistance; I have heard of tax pros volunteering their time at local libraries, for example; so you may get a more clear answer that way as well.
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