woohooo, just filled mine out on H&R block site and seen that i am getting $1934 back. can not efile till tomorrow but forms are ready to go.
Hey, now that you are remarried get back at the IRS:
1) Conceive child with new wife.
2) Make sure to conceive so that it's born late December.
3) Get full full exemption and child credit even though the kid has only been around for a few days.
4) PROFIT!
Question:
My girlfriend and I closed on our first home in November. Can we each claim the $4,000 tax credit as if we were a married couple filing separately, or should only one of us claim the full $8000, or should we go about this in another manner entirely? We're both on the mortgage/title/etc.
Sub-Question: I've used Turbotax for the last 4-5 years of doing my taxes, will it cover my needs this year (splitting the homebuyers tax credit between 2 unmarried individuals), or should we look into getting our taxes professionally done, to avoid any potential problems?
You can allocate it any way you see fit as long as you don't exceed any totals or limits. Turbotax should easily be able to handle this for you, though I don't use it personally.
On a side note, GET MARRIED. You are setting yourself up for a nightmare of problems if you two split. Sorry, getting off of high-horse now.
If the donation is not much, you won't have worry too much about getting the receipt timely. It will only be needed in case of audit. Usually, IRS does not require you to provide Tax ID info for the charity you gave money to. You can also use your dated check as proof of giving.
1) I have not seen the any tax S/W yet this year. However, I would expect that it will take into account the HomeBuyer credit based on questions that will be asked during the "interview"
2) The 8K is per person, not to exceed the overall 10% value of the property. An unmarried couple could split the value of the property by some proportion and allocate it for the credit purposes up to the individual limits.
This could mean that a property that is $120K for a couple would be worth no more than 8K credit.
For joint unmarried ownership; the value of the credit would be $12K
However, the below PDF indicates that the total credit for the propery itself can not exceed the 8K.
IRS FAQ
How the IRS would go about verifying that the property was sold "twice", I do not know.
But they have tried to cover the fact that it can not be.
As I understand it there is a $6,500 credit available for home buyers have owned and lived in a home for at least the last 5 years which we have, for the past 15. We just bought a new home in September.
Do we get a nice pat on the back because it didn't happen after November 6th? Thanks
After peeking around the IRS site, exhausting, it appears that the "if purchased before November 7, 2009" only applies to the first-time home buyers and which year they want to claim the credit in and not the return/repeat home buyer.
I found this:
4. A long-time resident of the same home can now qualify for a reduced credit. You can qualify for the credit if youve lived in the same principal residence for any fve-consecutive year period during the eight-year period that ended on the date the new home is purchased and the settlement date is after November 6, 2009.
From this:
http://www.irs.gov/pub/irs-pdf/p4819.pdf
Thanks for taking the time to respond onza.
I have a question regarding elected disability income. I made contributions to my company's disability plan after taxes. I received payment from the plan starting in October. Do I have to pay taxes on this again when filing? If it helps, I have received $5280 from the plan.
http://www.irs.gov/pub/irs-pdf/p525.pdf Page 17.
I'll comment on this later, I just found the paperwork for now. Off to lunch
To determine the capital gains; you need to obtain the appraised value of the property when it was received. The local tax office should be able to have that information.I have a question regarding gifts and related party transactions.
Was gifted an interest in a piece of real estate by my father some years ago. Ending up selling my half to my sister (she was gifted the other 50%). The payments from her to me were paid over 2 years (no set agreement just paid as could)
I probably in error had decided to defer recognizing income until this year when the final payment was made. Should I go back and resubmit prior year returns to include money received in the year received?
Also are there any rules regarding related party transfer that I could use to reduce my gain? I'm not even sure of what my gifted basis in the property. If it matters I sold my interest for appraised FMV.
Thanks!
What was your income last year vs this year. That is the first question.i'm confused. any help is appreciated. i'm doing an e-file with turbo tax since i did it last year and it worked fine. last year the "federal income withheld" amount was how much i got back. this year nothing changed, but the amount i'm getting back is less than 1/3 of that amount.
did something change with tax laws? they withheld 3 grand from me but of that they want to keep 2500. i don't understand
What was your income last year vs this year. That is the first question.
Second question is do you have anything special in your circumstances that could have effective the numbers.
You have not provided enough information to be able to determine any type of solid explanation.
Never mind. It's interesting.. I thought I was going to owe money, but turbo tax doesn't seem to calculate everything if you skip entering your SSN.
But of course, I owe the state money still.
Yeah it's just odd that it will let you skip it without telling you what the consequences are. I just didn't feel like entering it yet because I won't be filing for a while.. I didn't have all my 1099s and was just making an estimate for the time being.Without entering key information; TT will not perform the proper calculations
For a dummy SS # use 987654321.
last year it was roughly 25k and this year it's just under 30. no change in any of my circumstances other than i worked the entire year rather than ~2/3 of it.