Tax Time !!!!

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lol I should call you and be like "are condoms tax refundable? I have to buy them for my line of work" ...hmmmm I'm going to look up some H&R block phonenumbers in TX....
 
I'm getting a whopping $196 back.


making cash under the table is great.... for a bit.
 
As it is said every year in the tax thread, its best not to get much back. If you get a lot back you are just overpaying the gov't. Consider it an interest free loan to them.
 
B said:
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.
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I believe you'll be fine as the condo had been owner occupied the entire time you owned it. If the tax law was written in the sense that you have interpreted above it would prevent people from moving from house to house as they see fit.

The 2 year owner-occupy rule is for a property that you own and then rented out, you need to have lived at a property for at least 2yrs out of the last 5yrs to avoid capital gains if it is not your primary residence.
 
Jeef said:
But did you make any money on the place?
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after fees and all that, yeah i made about 3 grand on it.

Jeef said:
As it is said every year in the tax thread, its best not to get much back. If you get a lot back you are just overpaying the gov't. Consider it an interest free loan to them.
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exactly.

CRX-YEM said:
I believe you'll be fine as the condo had been owner occupied the entire time you owned it. If the tax law was written in the sense that you have interpreted above it would prevent people from moving from house to house as they see fit.

The 2 year owner-occupy rule is for a property that you own and then rented out, you need to have lived at a property for at least 2yrs out of the last 5yrs to avoid capital gains if it is not your primary residence.
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naw, not true. i'm 100% sure on this. I had to fill out a 1099-misc at my closing for the sale of the condo for capital gains.
 
Hit up tha H and R in Lancaster, Ca. 93536. Tha one on 10TH street West lol
 
that site simply backs up my statement.

  • Owned the home for at least 2 years (the ownership test), and
  • Lived in the home as your main home for at least 2 years (the use test).
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i wasn't there 2 years.
 
just filed, i'll be seeing some green back. kick and ass, yeah.
 
I get back $3500 fed and owe the state $1. I don't understand, no matter what I get a ton back I claim single 3 on the W-4 and it's only me and my son. Will changing my W-4 effect my state withholdings? I don't want to change that, me owing a dollar is pretty much right on.
 
Yeah B. I realized you were correct after I read the actual tax law vs. hearsay. I wanted to inform you that you might be able to reduce some of the capital gains
 
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?
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1, you cannot write off labor, its just considered sweat equity, nothing gained except an appreciation in the value of the house

2, i heard you say you wanted to finish the house then you were planning on renting it out... have you ever lived in the house?
if you declare it as a rental property then you can claim the improvments, which would be a straight deduction or depreciated based on what the repairs/costs were, i would try to use this to lower my AGI
you could also claim any legal fees relating to the rental property on the schedule E
your legal fees are probably not directly related to the property, but perhaps a percentage of it can be claimed for protecting the house from the ex or something along those lines
but thats stretching it a bit far

i see you covered this already but i had already typed it out
I believe you'll be fine as the condo had been owner occupied the entire time you owned it. If the tax law was written in the sense that you have interpreted above it would prevent people from moving from house to house as they see fit.

The 2 year owner-occupy rule is for a property that you own and then rented out, you need to have lived at a property for at least 2yrs out of the last 5yrs to avoid capital gains if it is not your primary residence.
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gains on the sale or a primary residence are excluded if you have lived in 2 of the last 5 years
this is to prevent people from excluding gains on houses they only own for a short time, for example, buying a condo for 1 year, flipping it for 20K more, and then doing it over and over again

occupying the property the entire time you own it doesn't have a place in the calculation

as far as the rollover into a new home, i need to double check on that

after fees and all that, yeah i made about 3 grand on it.
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any improvments you made to the house while you owned it can increase your cost basis in the house
ie: interior decorator to get the house ready for sale
 
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I was caught "owing" the state of NY ZERO DOLALRS for 2 years, while fighting that the penalty for not paying 0 dollars was $17, to which I actually paid and they got off my back.

True story.
 
I was caught "owing" the state of NY ZERO DOLALRS for 2 years, while fighting that the penalty for not paying 0 dollars was $17, to which I actually paid and they got off my back.

True story.
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usually a quick phone call will get that resolved.

unless you owed them money, which you paid, but didn't pay the full amount for up to the day interest and penalties
 
i hate how companies wait until the 31st to send out W-2's. I know damn well that they are all done already and just aren't sending them out. All I need is the stupid tax id number and i could get my money back.

moving to the bahamas and working at a hotel as a bartender FTW!!!
 
i know a girl from the bahamas... i would never live there.

you get 1 car per house hold max.
taxes are rediculous, like 45%
 
B said:
i know a girl from the bahamas... i would never live there.

you get 1 car per house hold max.
taxes are rediculous, like 45%
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well, somewhere warm, fun, cheap, and don't have to deal with the regular bullshit of being a "regular" person.
 
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