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Thread: tax prep

  1. #11
    Thread Killer coolbreeze's Avatar
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    Quote Originally Posted by Karl Hungus View Post
    Is reporting the sale of your primary residence complicated? We didn't make enough profit to owe any tax, but I'm sure I need to document the cost basis. We lived there 18 years. So I have no idea how to figure it.
    I believe the profit limit is 250k for single, and 500k married, anything above that and you will need to pay taxes.

  2. #12
    Super Moderator Butthead's Avatar
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    most people don't have a capital gain issue on the sale of their primary residence. and i don't believe any sales information is reported to the scum at the IRS.

    if you think a home will have a large gain, manipulating your basis is pretty easy. include everything you ever did to the house -- paint, landscaping, window treatments, applicances, etc. to add to the original basis.

    Quote Originally Posted by coolbreeze View Post
    I believe the profit limit is 250k for single, and 500k married, anything above that and you will need to pay taxes.

  3. #13
    Super RICH Moderator
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    Turbo tax was 20.00 cheaper this year. It was the only good news about taxes.

  4. #14
    Heller!!!! SpecV's Avatar
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    So I have finish my taxes and few weeks later a bank statement came in
    Says 53$ interest paid

    What do I do now that I already filled ?

  5. #15
    Thread Killer coolbreeze's Avatar
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    You can always file and amendment, but I'm not sure if that's enough to make a difference.

  6. #16
    Super Moderator Butthead's Avatar
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    i would not amend over $53.

    Quote Originally Posted by SpecV View Post
    So I have finish my taxes and few weeks later a bank statement came in
    Says 53$ interest paid

    What do I do now that I already filled ?

  7. #17
    Super Moderator Butthead's Avatar
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    finally submitted my f'n tax returns yesterday. got clipped for ~ $700 in AMT this year in addition to my absurd tax bill. i f'n hate taxes.

  8. #18
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    I'm still waiting on a couple K1s to come in, then I'll be done. I probably have 15 hrs of my time in it so far, and I have not handed my stuff over to the CPA yet. I super-organize and label everything so I could *probably* complete the filing myself but I pay the CPA to put the final package together and submit. It gives me peace of mind that (a) it is done correctly and (b) if I am audited, I've got someone knowledgeable in between me and the IRS.

    Come on Butthead, you know there is now way for an EIC without an AMT. Live it. Learn it. Love it.

  9. #19
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    I got the FFOG (fist full of genitalia) via the AMT again this year.

    The AMT sucks. Ok, taxes suck, but the AMT sucks in new and unusual ways.

    I legitimately pay my taxes every year. I don't cheat. I don't cut corners. I don't pad deductible expenses. What is my reward for this honesty? Like butthead says, on top of an absurd amount of taxes paid via withholdings I get clipped for another absurd amount via the AMT.

    I feel like a sucker.

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