 OT: Anyone still NOT file for taxes yet??? |
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| Mueller |
 Apr 15 2004, 07:16 PM
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#21
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914 Freak!  Group: Members Posts: 17,146 Joined: 4-January 03 From: Antioch, CA Member No.: 87 Region Association: None 
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rental prop., no 1031 exchange...we just wanted to cash out and pay off all of our bills (still have mortgage on our primary house...bummer)
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| campbellcj |
Apr 15 2004, 10:02 PM
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#22
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I can't Re Member Group: Members Posts: 4,549 Joined: 26-December 02 From: Agoura, CA Member No.: 21 Region Association: Southern California
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I e-filed (for the first time, it worked great) early this year - end of Jan - as I had a large Fed refund (which was also a first but was juggling too many variables to prevent it).
I used TurboTax and was quite impressed. Although if our situation gets any more complex I will probably bite the bullet and start using a CPA. Obviously one tiny F*up can cost you -big time-. Compared to our corporate and pension fund returns, the personal stuff is a walk in the park. Our tax system is 40 years overdue for a complete overhaul. I am not holding my breath, however. (Since we are OT anyway, there is currently a fairly interesting thread on tax reform over on the Pelican OT board. Of late I have found the OT board to be more interesting than the 911 and 914 ones... ) |
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| vortrex |
Apr 15 2004, 10:07 PM
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#23
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Senior Member Group: Members Posts: 1,687 Joined: 24-December 02 From: SF, CA Member No.: 4 Region Association: None |
I think it's $250k profit you are allowed to take tax free. you're allowed two primary residences I believe, so you shouldn't be hit with taxes.
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| boxstr |
Apr 15 2004, 10:22 PM
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#24
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MEMBER:PACIFIC NORTHWEST REGION Group: Members Posts: 7,522 Joined: 25-December 02 From: OREGON Member No.: 12 Region Association: Pacific Northwest |
EXTENSION....three legal size pads loaded with rental expenses. Wifes stock option cash out. That should help offset or tax consequence.
CCLINREFUND |
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| GWN7 |
Apr 15 2004, 10:56 PM
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#25
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King of Road Trips Group: Members Posts: 6,280 Joined: 31-December 02 From: Winnipeg, MB, Canada Member No.: 56 Region Association: Northstar Region |
Mike, check and see if you can have one property as your primary residence and your wife the other....(you can here) that way you won't have to pay capital gains on the rental that you just sold.
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| anthony |
Apr 15 2004, 11:30 PM
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#26
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2270 club Group: Benefactors Posts: 3,107 Joined: 1-February 03 From: SF Bay Area, CA Member No.: 218  |
But how would you say the rental is your primary residence if presumably you were collecting rent on it and depreciating it as an expense?
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| GWN7 |
Apr 16 2004, 12:09 AM
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#27
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King of Road Trips Group: Members Posts: 6,280 Joined: 31-December 02 From: Winnipeg, MB, Canada Member No.: 56 Region Association: Northstar Region |
Those questions are best answered by your accountant........mine says "It's not how much money you make, it's about how much you get to keep" He used to work for the IRS up here, so he knows his stuff.
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