9th Annual Tax Thread - 2011

[SKORPI0]

anybody know what date the IRS starts processing efile returns?

Just did my Federal eFile today, says refund will take 7-15 days upon receipt/acceptance. Looks like they already started. :awe:

2012 IRS e-file Refund Cycle Chart

 

[DAGTA]

Question:
I bought a rental house in Dec 2011. I also had some expenses incurred for that rental property at the end of 2011. Is it possible to claim those on my 2012 tax year instead of 2011?

Thanks for the help!

 

[hclarkjr]

Just did my Federal eFile today, says refund will take 7-15 days upon receipt/acceptance. Looks like they already started. :awe:

2012 IRS e-file Refund Cycle Chart

thanx, i am waiting to get confirmation from H&R block now. post here when you get yours.

 

[EagleKeeper]

Question:
I bought a rental house in Dec 2011. I also had some expenses incurred for that rental property at the end of 2011. Is it possible to claim those on my 2012 tax year instead of 2011?

Thanks for the help!

No 2011 /= 2012

However, losses on the house in 2011 will offset 2011 income.
And excessive losses are carried forward for 2012 and beyond

 

[CountZero]

Got married this year. Wife has had no income this year so we are obviously filing joint. For the student loan interest do we get to claim interest from her loans as well as mine?

 

[hclarkjr]

Just did my Federal eFile today, says refund will take 7-15 days upon receipt/acceptance. Looks like they already started. :awe:

2012 IRS e-file Refund Cycle Chart

got my confirmation from H&R block today.

 

[hclarkjr]

according to the refund chart i get my money next Wednesday

 

[TridenT]

Quick question: I had a job for a while. I'm pretty sure I made less than $1,000 with it in the few months I had it. Do I need to file taxes? I thought if you're under $5,800(or something like that) then you don't have to.

k,thx.

 

[SKORPI0]

Quick question: I had a job for a while. I'm pretty sure I made less than $1,000 with it in the few months I had it. Do I need to file taxes? I thought if you're under $5,800(or something like that) then you don't have to.

k,thx.

http://www.mydollarplan.com/money-file-taxes/

 

[EagleKeeper]

Got married this year. Wife has had no income this year so we are obviously filing joint. For the student loan interest do we get to claim interest from her loans as well as mine?

Yes

 

[EagleKeeper]

Quick question: I had a job for a while. I'm pretty sure I made less than $1,000 with it in the few months I had it. Do I need to file taxes? I thought if you're under $5,800(or something like that) then you don't have to.

k,thx.

If you claim your child as a dependent on your return, the kids need to file taxes if ANY of the following are true:
Earned income, from a job for example, is more than $5,800.
Unearned income, including dividends or interest, is more than $950.
Self employment net earnings are more than $400.
Earned and unearned total income is more than the larger of $950 or earned income plus $300.
Also, if interest, dividends and other investment income are more than $1,900, you’re going to get hit with the kiddie tax (which means you’ll pay your tax rate on part of your child’s income).

As a dependent, the filing threshold is $5800.

I believe that is where you fall.

 

[GWestphal]

What deductions can non custodial parents take?

I pay child support and pay for my daughter's tuition, but I don't have the primary physical custody, so she isn't a dependent of mine. On TurboTax, since I don't have a dependent claimed, I don't qualify to deduct her tuition. Anything I can do about that?

 

[EagleKeeper]

What deductions can non custodial parents take?

I pay child support and pay for my daughter's tuition, but I don't have the primary physical custody, so she isn't a dependent of mine. On TurboTax, since I don't have a dependent claimed, I don't qualify to deduct her tuition. Anything I can do about that?

You are out of luck unless;

Talk to the mother - if she is unable to utilize the deduction and willing in a given year to relinquish the dependent, you can claim and all the benefits that go along.

Alimony is deductible by you if applicable

 

[todpod]

Ok the wife gets paid by a 1099. She runs a small store, everyday she picks up the money at a central location and then drives about 25 miles to the store, and at the end of the day she must return that money to that location. Are those miles deductible.

 

[EagleKeeper]

Ok the wife gets paid by a 1099. She runs a small store, everyday she picks up the money at a central location and then drives about 25 miles to the store, and at the end of the day she must return that money to that location. Are those miles deductible.

Miles or Vehicle costs - which ever is more beneficial.

Mileage for money run and also miles to/from home (advantage of 1099)

Tax S/W will help you determine such.
Have available for costs determination

• Value of vehicle when purchased
• Insurance
• Registration
• Inspection Fees (if applicable)
• State Taxes on vehicle (if applicable)
• Maintenance costs (oil, tires, brakes, repairs, etc)
• Fuel usage
  
• Percent of vehicle use as related to job

Also, using the 1099/Schedule C
Additional costs indirectly related to work

• Phone
• Other items that she may use at home that tie to the work.

 

[todpod]

She uses a tracphone for work, how would you determine what that deduction is she uses it about half for work? Thanks for the info

 

[DCal430]

I recently purchased a home in Feb of 2011, and part of the cost was 1,500 in Property Tax reimbursement to the Seller. The seller had already paid the cost of the Property tax from Jan to July, so they were being reimbursed for Feb to July.

Can I deduct this? Another issue is not all of the property tax of my house is tax deductible, around 65% of it is tax deductible and the rest is not. Would I just take the 1500 times it by 65% and that is the amount I can deduct?

 

[EagleKeeper]

She uses a tracphone for work, how would you determine what that deduction is she uses it about half for work? Thanks for the info

IRS has determined that the cost of a cell phone if used for work does not need to be split down

 

[EagleKeeper]

I recently purchased a home in Feb of 2011, and part of the cost was 1,500 in Property Tax reimbursement to the Seller. The seller had already paid the cost of the Property tax from Jan to July, so they were being reimbursed for Feb to July.

Can I deduct this? Another issue is not all of the property tax of my house is tax deductible, around 65% of it is tax deductible and the rest is not. Would I just take the 1500 times it by 65% and that is the amount I can deduct?

The amount of taxes from Jan onward that you reimbursed the seller can be deducted by you.

Why are you stating the not all the tax is deductible? Unless the tax is being claimed elsewhere, I have not heard of only a portion being able to be claimed

Special Assessments are a different story.

 

[JS80]

For LLC filing as partnership, do I submit the K-1's issued to the partners ALONG with the 1065, or does the partnership just file the 1065, and issue K-1's to the partners?

 

[DCal430]

The amount of taxes from Jan onward that you reimbursed the seller can be deducted by you.

Why are you stating the not all the tax is deductible? Unless the tax is being claimed elsewhere, I have not heard of only a portion being able to be claimed

Special Assessments are a different story.

Due to prop 13 restriction on Ad Valorem property taxes, many locations have added significant amount of Non-Ad Valorem property taxes. It was my understanding after talking to other people here that the IRS considers the Non-Ad Valorem property taxes in California to be non deductible. Since it isn't based on the property value.

 

[mwtgg]

For LLC filing as partnership, do I submit the K-1's issued to the partners ALONG with the 1065, or does the partnership just file the 1065, and issue K-1's to the partners?

LLC files 1065 with IRS and issues K-1's to members.

 

[mwtgg]

Due to prop 13 restriction on Ad Valorem property taxes, many locations have added significant amount of Non-Ad Valorem property taxes. It was my understanding after talking to other people here that the IRS considers the Non-Ad Valorem property taxes in California to be non deductible. Since it isn't based on the property value.

You are correct.

 

[Homerboy]

I feel as if I ask these two same questions every year...

My wife runs a decent business out of the home. She attends shows and exhibits where she has to pay booth fees, and sometimes a flat percentage of her sales at that show. I am not sure what to file these fees under. They are upwards of $2700 for the entire year.

Secondly, I have her gross sales figures for the year. And the sales taxes that she has paid for the year. I'm not sure if I am to subtract the sales tax from the gross or if the sales tax is a separate line item or ???

Thanks in advance.

 

[dabuddha]

Question for the turbo tax users. Do you file your taxes ASAP or do you wait until closer to the deadline to do so in order to get the latest updates from turbo tax?