Ameridream

[shart808]

What is the name of your state?What is the name of your state? Ohio

I sold my house thru FHA and the Ameridream program. The Ameridream program helps first time home buyers. I contributed $4550.00 in the sale of my house to this program with the understanding that I would be able to claim this contribution on my federal taxes. I was told verbally and in writing from the real estate agent that I would receive a 1099 form from Ameridream to do this. After calling Ameridream I found out that this was not a contribution and I could not claim as such. I could claim this on the sale of my house, but I am exempt as I am over 55.

After contacting the real estate company, they turned it over to the agent that gave me this information. She has since left that agency and is now with another agency. She has tried to help, but has been unsuccessful. I feel that the real estate agency has misrepresented this information. Is there a responsible party here?

If I am unable to claim this I will have to pay the government.

Do I have any recourse with the real estate company?

Thankyou

Q: The Ameridream program helps first time home buyers. I contributed $4550.00 in the sale of my house to this program with the understanding that I would be able to claim this contribution on my federal taxes.

A: This sounds like you gave a gift to someone. Why would you think it would be tax-deductible.


Please quote exactly what this says: I was told...in writing from the real estate agent that I would receive a 1099 form from Ameridream to do this.

That's really confusing; a 1099 is what you give an independent contractor (among other people).

[shart808]

Originally Posted by seniorjudge

Q: The Ameridream program helps first time home buyers. I contributed $4550.00 in the sale of my house to this program with the understanding that I would be able to claim this contribution on my federal taxes.

A: This sounds like you gave a gift to someone. Why would you think it would be tax-deductible.


Please quote exactly what this says: I was told...in writing from the real estate agent that I would receive a 1099 form from Ameridream to do this.

That's really confusing; a 1099 is what you give an independent contractor (among other people).

I was told that this would be tax deductible and I was given a letter that stated I would get a 1099 form and would be able to claim this.

[HomeGuru]

Originally Posted by shart808

I was told that this would be tax deductible and I was given a letter that stated I would get a 1099 form and would be able to claim this.

**A: who gave you such a letter and what exactly did the letter state?

[shart808]

Originally Posted by HomeGuru

**A: who gave you such a letter and what exactly did the letter state?

The real estate agent- letter stated that I would receive a 1099 from Ameridream and that I could claim this.

[HUD-1]

From the Ameridream Seller Enrollment Form (which you signed):

"Seller understands that AmeriDream's service fee may be tax deductible as a selling expense, depending on the Seller's circumstances, and understands that AmeriDream recommends that Seller consult a tax advisor in this regard. Seller further acknowledges that the AneriDream service fee is a fee for service, and is not a charitable contribution."

So, only the service fee, not the entire fee, is in question and it MAY be a selling expense. Certainly not a charitable contribution.

[shart808]

Originally Posted by HUD-1

From the Ameridream Seller Enrollment Form (which you signed):

"Seller understands that AmeriDream's service fee may be tax deductible as a selling expense, depending on the Seller's circumstances, and understands that AmeriDream recommends that Seller consult a tax advisor in this regard. Seller further acknowledges that the AneriDream service fee is a fee for service, and is not a charitable contribution."

So, only the service fee, not the entire fee, is in question and it MAY be a selling expense. Certainly not a charitable contribution.

I did not sign the enrollment form-I was told it was a contribution - and it was put in writing that it was tax-deductible.

[HomeGuru]

Originally Posted by shart808

I did not sign the enrollment form-I was told it was a contribution - and it was put in writing that it was tax-deductible.

**A: if the statement regarding the deductibility of taxes did not come directly from the IRS, don't you think you may have a problem?