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Tax Time !!!!

Discussion in 'Members' Lounge' started by Airjockie, Jan 25, 2008.

  1. Airjockie

    Airjockie Watanabe Whore!!!

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    It's that time again kids....

    and so far it looks like like I will get back what I did last year... $5280 fed, and I still have to calculate state, but it should be in the $1000+ area.:p Should have been more, since I did a hell of a lot of home improvements...:mad:

    but.... Hello new kitchen....:D

    and that stimulus package they approved...I might get another $1200.. :mellow: I'll believe it when I see it..:rolleyes:
     
  2. Briansol

    Briansol Admins Admin VIP

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    i'm still waiting on all my paperwork.

    this year is going to suck worse than usual for me.

    in addition to last years nightmare i got

    -stocks i bought and sold
    -sold a condo
    -bought a house
    -made way more money than last year
    -actually made some money on interest, so i'm expecting a 1099-div
    -expecting more 1099-div from a couple stock dividends


    it should be fun.

    i'm expecting 7 more 1099-misc's to come in, 3 1099-div, don't know whats coming from stocks, capital gains taxes on the condo sale.....

    blah.

    i'm probably going to owe 13 grand
     
  3. get_nick

    get_nick These snozzberries taste like snozzberries... VIP

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    I should get 3k once I get my w-2's back. Would have filed already if I knew my compnies tax I'd numbers.
     
  4. CRX-YEM

    CRX-YEM Super Moderator Moderator VIP

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    you shouldn't see any capital gains taxes on the condo since you sold and bought within two years.
     
  5. B16

    B16 Super Moderator VIP

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    Exactly what I was going to say.
     
  6. Celerity

    Celerity Well-Known Member

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    Well, I still owe $12k from before, so I won't see a damned penny.

    Capital gains is when you sell within 2 years, no ? It's meant to prevent people from flipping houses ?

    I could be wrong.

    But my house is saving my stupid ass this year. My return may go a long way to paying off what I owe. If it's not too much, I can actually get married this year.
     
  7. jamesA

    jamesA Well known pissed off telephone guy VIP

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    I'm waiting for my K1 and then it's tax time for me. I'm expecting right around the 1200-1300 back, plus mortgage interest. :D
     
  8. B16

    B16 Super Moderator VIP

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    If you sell a house/condo and re-invest /buy another house/condo then there are no capital gains.

    I expect to owe around 3k. :( We'll see...
     
  9. tunercrazed

    tunercrazed HS Official Hippie

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    I'll be lucky to get $80 back I've been laid off 3 times this year....I need to find something a little more stable. Anyone need a bitch for hire? XD
     
  10. jamesA

    jamesA Well known pissed off telephone guy VIP

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    You know anything about cat5e wire?

    Move about 4 hours north. We'll teach you.
     
  11. ThatGuy4life

    ThatGuy4life The Riced Sleeper

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    have no idea what i'm expecting. Still waiting on my w-2's, but having a kid last year should go a little ways
     
  12. tunercrazed

    tunercrazed HS Official Hippie

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    seriously? I'd seriously be willing to do something like that at this point.....my pockets are getting awfully empty.
     
  13. nootrac22

    nootrac22 Well-Known Member VIP

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    how do you write off home improvements? I have receipts for about $6k in materials. Also could I write off my own labor on the house (as opposed to having to pay someone else to do it) Other than that I'm looking at about 3k back now, still waiting on my w-2. If I can drop my AGI by about 3-4 k I could qualify for EIC (earned income credit). Also does anyone know any good loopholes to write off attorny fees?
     
  14. CRX-YEM

    CRX-YEM Super Moderator Moderator VIP

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    ^ If you owned a 2 family house you could write off improvements easily. But if it's single family and you saved all of your receipts you have the option of taking a standard deduction or itemizing. The option of claiming either state and local income taxes or state and local general sales taxes would be the route to take. Other than that only energy saving improvements carry and tax benefit. The money you invested in your house is basically not worth a tax credit or deduction. The only way you realize any gains from improvements is at the time of sale.
     
  15. EGProject

    EGProject YEEEEAAHHHHH

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    I actually came close to breaking even. I'm only getting back abut $400 from fed and about $120 from state.

    What I am looking at is that stimulus package. I still think its funny the government wants us to spend money recklessly. Just to spite the government - that money is going right into savings, or my stocks.
     
  16. Briansol

    Briansol Admins Admin VIP

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    Steve is correct.

    you need to owner-occupy a place for 24 months or more to avoid capital gains. i was only at the condo for about 19 months.
     
  17. Jeef

    Jeef NO MA'AM Moderator VIP

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    But did you make any money on the place?
     
  18. Mugen Accord

    Mugen Accord West West Y'all

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    Lol I work for H And R Block. A Client Manager. Lmao. :)
     
  19. tunercrazed

    tunercrazed HS Official Hippie

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    I guess that means you kinda know what your talking about then huh......:ph34r:
     
  20. Mugen Accord

    Mugen Accord West West Y'all

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    Um not really lol. I dont do taxes. I schedule appointments and what not. Hell Im here now. It aint busy.
     
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