Questions You’ve Got to Ask Your Financial Advisor

This post is in: Business


If you’re in the market for a new financial advisor, or just want to do a quick assessment on the advisors you currently have, we’ve got a great tool from Smart Business Stupid Business.

Click through on the Advisor Checklist LINK to get your FREE copy.

And one more piece of advice, make sure that you’re asking the right person the right question. You don’t want to ask your banker a tax question and you don’t want to ask your CPA a legal question. Make sure you take full advantage of the advisors on your team by playing to their strengths.


  1. Edward Wharton says:

    Hi Dianne,
    I live in Ca. My chapter 7 bankruptcy was discharged in aug 2009. I did not reaffirm my loan. I continued living in the house till June 2010 while tryingthe to work with lenders (GMAC and DITECH), in vain, they foreclosed. They first was 240,000 and the second 140,000. I have recieved a 1099-A from both lenders. The balance on principle outstanding is 226,000 and fair market value 244,000 (for the first) and balance outstanding 140,000 and fair market value 00.00 (for the second). What should I do with regards to my taxes (filing jointly), I was hoping that the bk would not require me to pay any gains taxes ( a double wammy)
    thnks for your generosity


  2. Diane Kennedy says:

    Hi Edward – I have a number of posts on Form 1099-A and Form 1099-C on USTaxAid. Do a search on those terms and you’ll find a lot more information.

    Real quickly on your situation, though: You do have an exemption because it’s a primary residence PLUS because of the bankruptcy. If you do receive a Form 1099-C, then make sure you use Form 982 to report it.

  3. edward says:

    Thanks Dianne for your sound advice and generosity.

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