While you could classify it as an investment after the fact, as you stated, that was not your intent. And as an investment, you did not previously declare taxes paid on it as an investment expense.
Raises red flags to declare an investment loss.
Yes the sales tax is able to be listed as a separate "line item sales tax" on the Schedule A.
Financing has no bearing
However, if you live in a state that has an income tax; you have the option of using the income tax withheld or the sales tax (sales tables + big items). You can not do both
If you live in a state that has no income tax, then use the sales tax tables and add in large purchase item (> $500
I moved last year; I arrived October 14 and started working full time on December 5. Does this mean I can't file for this until next year, or I have to maintain full time employment for 39 weeks after the move date to avoid having to pay back the credit?If you moved due to a change in your job or business location, or because you started a new job or business, you may be able to deduct your reasonable moving expenses but not any expenses for meals. To qualify for the moving expense deduction, you must satisfy two tests. Under the first test, the "distance test", your new workplace must be at least 50 miles farther from your old home than your old job location was from your old home. If you had no previous workplace, your new job location must be at least 50 miles from your old home.
The second test is the "time test". If you are an employee, you must work full-time for at least 39 weeks during the first 12 months immediately following your arrival in the general area of your new job location. If you are self-employed, you must work full time for at least 39 weeks during the first 12 months and for a total of at least 78 weeks during the first 24 months immediately following your arrival in the general area of your new work location. There are exceptions to the time test in case of death, disability and involuntary separation, among other things.
I have a question on moving expenses/deduction...is that in addition to the standard deduction, or would I have to itemize everything and see if it exceeds the standard deduction?
Also:
I moved last year; I arrived October 14 and started working full time on December 5. Does this mean I can't file for this until next year, or I have to maintain full time employment for 39 weeks after the move date to avoid having to pay back the credit?
I'm pretty ignorant when it comes to tax stuff, but I'm working on filing now, and I ran across some HSA questions. Are employer contributions to HSA's generally pre-calculated in box 1?
Also, the hell is an HSA and why do I have/need one?
I did my taxes for 2010 last year but forgot to send them in. I found them this year as I was preparing my 2011 taxes. I sent my 2010 taxes (I was due for a refund) in on Feb 1st. How long do I need to wait before I can send in my 2011 taxes?
I had asked a TurboTax representative because their software was asking if I had filed in 2010 and "yes" was incorrect, but if I selected "no" it would have entered my previous AGI as $0, which is also incorrect. They suggested that I wait to submit my 2011 taxes until after I submit the 2010 taxes but I was not informed on when I could do that.
I need to lower my AGI by about 5K, I have a company 401K, my wife does not. Can we open an traditional IRA under her name now and contribute 5K to drop our AGI for 2011?
You can send in both returns at the same time and they will process them individually. You have three years from the original due date of the tax return to get a refund so you're ok on that front. Was the question from the software about e-filing? If so, you don't have to use your 2010 AGI, I thought you could just use a self-selected PIN a signature. I can't remember very well. If not then I am not sure why they'd ask for your 2010 AGI.
The only thing I can think of is if you wanted your 2010 federal refund applied to 2011 as a payment. But even then, if they processed the 2011 first without indicating the applied payment, they'd make the adjustment anyway and send you a letter telling you about the adjustment. I deal with these a lot.The question was at the very end as I was attempting to submit it so I guess it probably was in relation to e-filing.
The turbo tax representative had told me that tax returns must be submitted in chronological order. Good to know that it is not the case.
I need to lower my AGI by about 5K, I have a company 401K, my wife does not. Can we open an traditional IRA under her name now and contribute 5K to drop our AGI for 2011?
If you treated the land as an investment, it would be a loss.HI everyone,
I bought land in TN almost 5 years ago for $37,900. In December 2011, I sold it for $39,500. It was the first time I had done this. At first I thought I had a capital gains of $1600 but as I was going through the Turbo online process (first time for that too), it dawned on me that I also had expenses. According to the HUD statement, I paid $2295.82 including realtor commission and other fees. This brought my net proceeds to $37,209.99 which is less that what I bought it for. So would this be considered a loss?
Thank you for your help.
I bought the land as an investment but I will have to go back and look see if there are any forms for investment. Would it be included in my 2007 return? (I bought it in August, 2007.)
Also, I never did anything with the land. It just sat there. I just bought it.
Property (land, for example) held for investment is non-passive under IRC § 469(e)(1)(A)(ii)(II).
Also look at form 8582
No. I just looked at 2007 return and also called the accountant I used at the time.
In fact she told me I could not claim closing costs when I bought it - just the county taxes.
I'm doing my parents taxes with the software I used for myself. My dad is retired from a U.S. government job and gave me a Form CSA 1099R. After inputting the information, it asks for a "taxable income" however on the form CSA 1099R it says "UNKNOWN". How do I determine the taxable income?
Any insight is much appreciated.