need some immediate help...

[trader19]

sorry, i posted this twice....

10 years ago, me and a partner bought 5 rental properties. we sold 3 of them a few years back at about breakeven. we now have 2. i lost my job and i am falling deeper into debt. i was trying to determine the exposure my partner faces as far as me filing bankruptcy goes. when i looked it up, i realized that i am NOT on the deed or the mortgage for one of the current rental properties. i forgot, that i did not qualify for a mortgage for that property and he bought it. however, i have mistakenly had this property on my tax returns for about 8 years. my accountant does not want to amend our returns. instead, he just want to move over the property info/deprecation/etc... from my return to his starting on our 2011 returns (both filed for extension). however, this property will show on my 2010 tax return.

so, my question is... what do i have to disclose about this property that i THOUGHT i owned 50% of, but in reality, i have no legal ties to?

thanks for your help.

[AngelinaCat]

Hi trader19. I removed the duplicate post. Welcome to the forum.

If this property is showing on your tax returns that you will have to include in your paperwork, you will have to list it, and explain what happened. With that said, I would be more unhappy with the accountant that won't amend the returns, unless he/she fears that you will suffer some kind of tax penalty. I am not a tax expert, but I would think that correcting this mistake might bring you some monetary benefit. Of course that would have to be disclosed on your bankruptcy paperwork.

Good wishes to you.

[trader19]

actually, my partner does not want to amend his. he takes a lot of deductions on his tax returns and i believe an amended return would draw a lot of red flags.