It's Tee-AX Time!

[goodhart]

No idea what the Wife and I will be getting back yet, but whatever we do get back will be going towards debt and saving for a house.

[tpunx99GSX]

No clue here either. im going to a tax guy this year (does my brothers and dads taxes) due to my having to file for 2009 and 2010 (likely to be some penalties for 2009 but oh well).
Hoping to make it out in the green but we will see. I got something like 15,000 taken out during the time i have been at RBC. (started in May i believe), so i am expecting a big chunk of that back.

[asshanson]

*sigh*

The only way you can count a car as income is if the sale of the vehicle was used for business purposes.

If it was for personal use, then all you can claim are the tabs - which Brandon did.

If you itemize I thought you could deduct the sales tax you paid on the vehicle purchase as well.

I haven't calculated mine out yet, but I'll probably get around $1500. I got around $1000 last year but I took one less withholding this year on my W4. It will be going towards my last credit card bill.

[Halon]

My co-workers wife is a former CPA. Here's what she said:


If it was a personal car you sold and you sold it for less than you bought it for, then you don’t have to claim it as income. However, if you bought a car for $2,000 and turned around and sold it to a sucker for $4,000, you would claim $2,000 income. If you bought the car for $2,000 put $1,000 worth of work into it, you could only claim $1,000 (if I understand all of this correctly).

As far as new cars. You can only claim the sales tax if you are taking the sales tax deduction in the state of MN. Otherwise, if you are taking the income tax deduction, you can’t claim the sales taxes on new cars (or any other item for that matter).

Here are some links my wife shot me that may explain this better:
http://www.irs.gov/individuals/article/0,,id=152421,00.html
http://www.irs.gov/taxtopics/tc409.html

[goodhart]

^^That kind of stuff is why I pay my tax guy $100 to do ours. I'll gladly pay him to know that stuff haha

[GsXtUrBo98]

1,300 for me. Paying off my motor

[Halon]

^^That kind of stuff is why I pay my tax guy $100 to do ours. I'll gladly pay him to know that stuff haha

$18 Taxact > $100 Tax man for me since mine are so simple. But if mine ever got complicated, then I'd definately just pay someone to ensure they are done correctly!

[goodhart]

$18 Taxact > $100 Tax man for me since mine are so simple. But if mine ever got complicated, then I'd definately just pay someone to ensure they are done correctly!


Yea, me = fail at math, so it probably wouldn't be the best idea to try tackling taxes on my own. lol

[A//// Guy]

Hoping for a couple thousand back total, it will go towards bills and savings mostly.

Taxact is super easy, you dont have to do any math, thats what the software is for haha.

[ylimert01]

Hoping for a couple thousand back total, it will go towards bills and savings mostly.

Taxact is super easy, you dont have to do any math, thats what the software is for haha.
yep! I use turbo tax at my rents and have no problems besides there computer being slow. just waitingon my renters credit from the last place i lived. its my first full year being full time with full pay. I hope for over a grand this year and it will go towards my vegas vacation and anything left towards a rallyx car.