Am I doing my taxes right?

NEW -> Contingent Buyer Assistance Program
irvinehomeowner said:
I'm procrastinating... not sure if I owe or if Obama owes me.
Click to expand...

Don't wait too long, remember a few years ago, turbotax or some other tax site server crashed right around 4/15.  The IRS will not take that for an excuse.
 
ps9 said:
Just got my taxes done by my CPA, two new forms this year, 8959 and 8960, guess I'm paying an extra $500 to the government so they can spread it around thru Obamacare.  But its for the greater benefit of the society, no?
Click to expand...

I'm getting screwed by Health Insurance too. Last year I had over $10,000 in out of pocket premiums and got no tax deduction on them. If my stupid employer offered pre-tax premium payments I'd have saved $760 on social security & medicare plus about $4,000 in state and federal taxes or $4,760 in total. I really don't understand by health insurance premiums aren't tax deductable no matter how you pay.

My $4,760 trumps your $500 and I'm not a one percenter.
 
Man... I hate taxes.

Maybe someone can confirm this, but if you sell a home that you previously used as a rental, even if you have been living in it for the last 5 years (2 of 5 rule), you have to pay taxes on any depreciation you claimed during the time it was a rental?

Seems to me that a depreciation deduction on rental declared in prior years shouldn't be used as income years later. What if that was over 7 years ago (max time the IRS says to keep records)? How can you find that information if you've disposed of those records?

IRS online only gives me access to 2010... bah.
 
irvinehomeowner said:
Man... I hate taxes.

Maybe someone can confirm this, but if you sell a home that you previously used as a rental, even if you have been living in it for the last 5 years (2 of 5 rule), you have to pay taxes on any depreciation you claimed during the time it was a rental?

Seems to me that a depreciation deduction on rental declared in prior years shouldn't be used as income years later. What if that was over 7 years ago (max time the IRS says to keep records)? How can you find that information if you've disposed of those records?

IRS online only gives me access to 2010... bah.
Click to expand...

You are correct. The call it a recapture tax so you don't double dip (tax free gain and deduction for the same thing). The government can screw you with double taxation but they won't let you do it to them.
 
Yeah, the good thing about using H&R Block software is that I get free support from their tax professionals so I was on chat with someone for over an hour trying to figure it out.

Sent him my return and he manually calc'ed it and then told me how to do it on the interview process. At first, he was unsure about the depreciation recapture because of the 2/5 rule and the way the worksheet words the question about ownership after 2008, but figured it out... to my taxly demise.

I can understand preventing double dip from gain exemption but I am under the $500k limit so they should just adjust that (which they do actually adust for) and if over, tax me. But not only am I still under, they still tax me for it. Bleh.
 
You must log in or register to reply here.
Back
Top