2014 Federal Income Tax guidance

[Propwash55]

Anyone's help would be appreciated. LAST year we sold our home and bought a fifth wheel and truck for an adventure. I still work full time and we live in our trailer full time. Any help with appropriate forms or wisdom greatly appreciated. Thanks for your time.

[lbrjet]

You would have gotten a form at your sale closing stating whether you qualify for a capital gains tax exclusion. If not then you report your capital gain. Loss doesn't matter as you can't write it off. As for your RV you can write off the interest if you itemize deductions.


2010 F250 5.4L 3.73
2011 Flagstaff 831FKBSS
Equal-i-zer 4pt 12K

[SuicideSaints]

You only need to report it if you receive a 1099-S, this would have been discussed at closing. The general rule is if you did not make more than 250k filing single or 500k filing joint it does not need to be reported. You can see publication 523 of the IRS tax code for further guidance. I sold my house in Oct 2014 and the 1099 was discussed, we did not receive a 1099 because we only made about 40k off the deal. Google 1099-S, Pub 523 or even Topic 701.

As for major purchases if you itemize you can claim a sales tax deduction for big ticket items.

[Rstrahan]

Get TurboTax, etc and the programs will walk you through the complexities.

[TURBS]

Originally Posted by Rstrahan

Get TurboTax, etc and the programs will walk you through the complexities.

X2

[Crabbyguy]

Taxact.com Does the same as turbo tax but much cheaper.

[Still Kickin]

Originally Posted by Propwash55

Anyone's help would be appreciated. LAST year we sold our home and bought a fifth wheel and truck for an adventure. I still work full time and we live in our trailer full time. Any help with appropriate forms or wisdom greatly appreciated. Thanks for your time.

You have received all good advice, you are subject to certain exclusions from gains realized on the sale of your personal residence with restrictions. These gain exclusions, depend on several facts. One, being you (and wife) age at the time of sale.

I concur that buying tax software and walking through the steps, will insure you handle the transaction properly. Regarding the "forms", It is the legal responsibility of the persons (i.e. lawyer, realestate professional) to generate and report the transaction to the Internal Rev Service, the required documents. However, you are ultimately responsible, regardless of those other individuals, to properly report the transaction.

In short, buy the tax program, walk through the Q and A steps, and it will spit out all the necessary forms to complete your return. Hope that clarifies it just a little bit better.

[ependydad]

I've used the HR Block's website for my taxes for the past 3 years. I've been very happy with the software, not so much for the $70 it costs to file my federal and state return. I found it was equivalent and maybe a few dollars cheaper than TurboTax, but nothing to write home about.

[Mr. Dan]

Originally Posted by Crabbyguy

Taxact.com Does the same as turbo tax but much cheaper.

I switched to TaxAct.com last year when after using TurboTax for 8 or so years, they decided I was running a small business (I was not) and charged me about 3x their normal rates. It took much time and a semi-act of Congress to get my refund.

TaxAct served me well last year - am using it again this year.


I am not in any way, shape, form affiliated with the TaxAct company. Just sayin'.

[arpipeliner]

A lot depends on your kind of work. If oil and gas type and have to travel a lot can be done.


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