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Old 01-23-2011, 11:02 PM   #11
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The interest on your trailer is deductible as a second home providing it has a bathroom and a kitchen. If you already have a second home, you would have to choose which one to take. As for the sales tax deduction, you get the greater of your sales tax paid or your state income tax paid. For sales tax you can take the tax on the trailer plus the sales tax per the IRS tables for your state and county or city. The sales tax deduction was brought back a couple of years ago and it does have other benefits as well in regards to your state income tax, depending on which state you reside. I hope that helps some.
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Old 01-26-2011, 01:21 PM   #12
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OK, here is the rule I was trying to clarify:

New Vehicle Sales Tax Deduction
If you bought a new vehicle between February 1, 2009 and December 31, 2009, you can deduct state and local sales taxes paid on its purchase if you paid the tax in 2010.Qualifying vehicles include:

* Cars
* Light trucks
* Motor homes
* Motorcycles

If you didn't pay any sales tax, you can deduct other taxes or fees paid, if they were based on the sales price, or as a per-unit fee. You don't have to itemize to get this deduction.These limits apply on this deduction:

* You can deduct taxes and fees for up to $49,500 of the purchase price of an eligible vehicle.
* The deduction starts to phase out at an adjusted gross income (AGI) of $125,000 and is eliminated at an AGI of $135,000 ($250,000 to $260,000 for married filing jointly).
* Used vehicles aren't eligible.
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Old 02-02-2011, 10:16 AM   #13
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What turbo tax are you using (the deluxe etc..)? I am looking to get the turbo tax but there are three or four different kinds and I would like to make sure I get the right one so I can deduct the interest. Unless it can be done on all of them.
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Old 02-02-2011, 10:34 AM   #14
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Originally Posted by bresdog22 View Post
What turbo tax are you using (the deluxe etc..)? I am looking to get the turbo tax but there are three or four different kinds and I would like to make sure I get the right one so I can deduct the interest. Unless it can be done on all of them.
Unless you have a really simple return, just W-2's and maybe a Schedule A and B, don't rely on Turbo Tax. I always get a kick out of the ads for Turbo Tax and all the other "short cut" software out there. Does anyone really think that a $100 software is going to correctly interpret the most complex set of laws in the US?

To give you a comparison, our tax software costs us over $12,000 a year and there are still things that will need to be tweaked. Best advice is if you have something other than a simple return, get a competent professional such as a CPA to do your return. It may be the best money you will spend.
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Old 02-02-2011, 11:05 AM   #15
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Turbotax's web site is offering free filing if you only need a 1040EZ (do not itemize like 70% of us). If you do itemize, their (or similar) deluxe version does a good job for the other 29% of us who have good stock records and itemize their deductions but do not need corporate, complicated business, or multiple rental properties. Yes Virginia, there is a need for the NYTaxman for that one in a hundred filers!

If your income is from wages; pensions; and interest/dividends/capital gains; and you just have taxes and mortgage interest as your primary deductions the 30 dollar version of Turbotax or Taxcut will serve you just fine.
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Old 02-02-2011, 11:26 AM   #16
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Originally Posted by herk7769 View Post
Turbotax's web site is offering free filing if you only need a 1040EZ (do not itemize like 70% of us). If you do itemize, their (or similar) deluxe version does a good job for the other 29% of us who have good stock records and itemize their deductions but do not need corporate, complicated business, or multiple rental properties. Yes Virginia, there is a need for the NYTaxman for that one in a hundred filers!

If your income is from wages; pensions; and interest/dividends/capital gains; and you just have taxes and mortgage interest as your primary deductions the 30 dollar version of Turbotax or Taxcut will serve you just fine.
Herk, I have to respectfully disagree with you. In over 80% of the time when someone comes to me with a situation where they have new complications and in the prior years they have used Turbo Tax or similar, we end up having to file amended returns for them for prior years because of what their off the shelf software didn't ask and didn't do right. One guy had missed deductible IRA's courtesy of his do-it-yourself software. Two of the years were past the statute and couldn't be amended. His cost in taxes paid that weren't owed, just a mere $4,000 on the Fed and another $1,000 on the state. Makes his do-it-yourself kind of expensive, doesn't it?

If you insist on doing your own and you have more than just a simple return, take your return to a competent CPA in the off season and get a second opinion. It won't break the bank and then you can have the comfort to know you did it right and you can continue on your way with doing it yourself. If you didn't do it right you may pick up additional savings or save yourself the cost of an audit.
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Old 02-02-2011, 12:22 PM   #17
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I'll have to respectfully agree with wnytaxman

I am a partner in a business on the periphery with personal taxes. We manage portfolios and for the last 20 years I've had to be more than passably familiar with our tax laws. All I can say is its a scary case of not even knowing what we don't know.

I've also seen lots of mistakes on people's returns that have cost them more in taxes than they should have. Not to mention penalties when applicable. Sometimes these are actual errors but often these are lost opportunities.

I encourage our employees to get their clients help with their taxes. It does not have to be that costly BTW. Frankly, I haven't completed my own taxes in years because of K1s, etc, but even when I was a regular employee with a "typical" tax return I figured the time spent doing my own taxes cost me more than hiring a pro.
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Old 02-02-2011, 12:47 PM   #18
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You see... This is why I don't play a tax advisor on the Internet.

It is also why open forums are so great.

I think we can sum this whole thing up by saying:

If you think you might need an accountant or taxman; you do.
If you don't think you need one; you might.
If you are sure you don't need one; you don't.
The IRS says you don't; but they lie.
The IRS gives advice; but it's usually bad and it is still your fault.

If you fear an audit; you make too much money and should pay an accountant.

How did I do?
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Old 02-02-2011, 01:10 PM   #19
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^^^^^ Perfect
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Old 02-02-2011, 01:50 PM   #20
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Hey Lou, you sure do have a way with words.
Excellent
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