Comments on: Tax tactics: Use legal tax breaks to keep more of your money

By: Laura

Laura — Mon, 13 Apr 2009 02:05:16 +0000

I have the same question already listed but could not find an answer. My husband voluntarily left his job as we could not sell our home. We moved back to our house and took a contract opportunity which did not offer health insurance. We have been on Cobra for all of last year. Can we deduct this on our taxes? I know we don’t qualify for the subsidy, but can we deduct this as a medical expense?
Thanks!

By: Charles Kerss

Charles Kerss — Fri, 10 Apr 2009 13:52:39 +0000

I moved to Kansas to be a partner in a logistic company. I never filled out any W-2 or W-4. I assumed, and I know what assuming can do, that monies was being set aside for taxes. We had a falling out and I moved back to Dallas. On my last day in Kansas, the bookeeper asked me what my SS# was and I spat it out and left. Lo and behold, I get a 1099 in the mail from those guys. I was never given the business expenses for tax purposes, and they think I am going to file this way. I alone brought in all of the profit, and he and I split the profits 50-50. What do you suggest I do. I realize I must file a return, but have been wronged by my x-partner. Also, in his other businesses, they pay the workers under the table in cash without paying any tax or fica. Help !!!!!!!

By: Expert advice: Tax breaks on your house « I Will Teach You To Be Rich

Expert advice: Tax breaks on your house « I Will Teach You To Be Rich — Tue, 31 Mar 2009 18:41:38 +0000

[...] A few weeks ago, I offered you the opportunity to ask David Bergstein, professional tax analyst and CPA, your tax questions and a chance to get a free account at CCH CompleteTax. [...]

By: Ryan

Ryan — Wed, 18 Mar 2009 05:02:36 +0000

Just curious if we really are going to get these answered. I haven’t heard anything, has anyone else?

By: Brent

Brent — Mon, 16 Mar 2009 13:34:38 +0000

Great post!

Quick question. If I have already filed this year, is there any chance I can still take advantage of some of the credits you mentioned above? If so, at what cost?

Thanks!

By: Johnny

Johnny — Wed, 11 Mar 2009 21:05:54 +0000

Hi,
I got married in 2008 and moved from Texas(no income tax) to California(lots of income tax). The move occurred on August 20. I am looking for help on my California taxes. I am filing jointly with my wife for both my federal and my state returns. I transferred positions with my company, so I have 1 W-2 with my earnings and my wife has 2 W-2’s (Teacher in texas, and new job in Cali).

After filling everything in online for federal and state taxes, I noticed something interesting. When I add my wife’s earnings from her teaching job in Texas, and finish the California returns, my return from California is reduced by a significant amout (~700). All this income was earned in Texas, so I do not see why my California numbers are affected by this.

Do you have any ideas on why California would claim this money? I am using online tax software offered by Taxact.com.

Calfornia taxes too much,
Johnny

By: Ryan

Ryan — Wed, 11 Mar 2009 05:36:47 +0000

In 2005, I sold my primary residence for a $90,000 gain. I was a junior in college at the time (crazy real estate market, I know…got lucky with the timing). I had lived in the house for 1.5 years, not long enough to meet the 2 year threshold not to pay capital gains. I sold because I was doing a semester abroad. I paid the capital gains on my 2005 taxes.

Now someone told me that because i had a qualified excuse, I should have been able to deduct 3/4 of the $250k primary residence capital gains deduction (since I lived there for 1.5 of the 2 years).

a) is this true
b) can I now file an amended tax return for that year and get the capital gains taxes paid back?

By: Minnesota Guy

Minnesota Guy — Tue, 10 Mar 2009 07:07:50 +0000

Hello,

Here is the situation, I own a townhome that I lived in from January till October. This was my sole, primary residence during this time frame (i.e. January till October). The month of November and December were rented out to a tenant.

I am trying to enter the correct information based on the above in TurboTax but I am not sure if I am doing it right. Here is what I think my options are,

OPTION 1 Claim the town home as a rental property for full year. The interest/property tax/association fee become an expense on the property.

OPTION 2 Claim the town home as personal property for full year. The interest/property tax become a tax deduction.

OPTION 3 (I think this is what I should do). Since I lived in the town home for 10 months. I should claim 10 months of interest/property taxes as deduction. For the other 2 months when the town home was rented, I should claim the interest/property tax as expenses on the town home.

Does the above make sense? Any gurus that can offer insight?

By: Aryan

Aryan — Tue, 10 Mar 2009 01:08:04 +0000

Hi,

I am 26 yr old (graduated in 2005) and I make arround $90K in gross. I am single (w/ no kids/dependents) and I do not own a house. I rent (w/ no roommates) an apartment in walking distance to my work.
My rent+utilities+autoloan+inusurance+phone/cable+misc comes arround $1900/month. As of now, I do not have any other loans(student/home/creditcards/etc). My savings are just $3K/month and I am paying arround $12K just in federal taxes.

After going through so many articles here and at other online sites, I realized that I do not qualify for any kind of tax deductions or credits (except for stimilus). Does this mean for someone in my situation, it is mandatory to pay those $12, 000 in tax + $6, 000 in medicare/ss taxes?

I usually save my $$$ in ING savings accounts which do not pay much interests and also I end up paying taxes on that earned interest. Considering the current market situation, buying a home might not be a good option (esp. just to save on taxes).

Please suggest some strategies or tips for someone in my situation to make a proper investment and save on taxes at the same time.

Thanks,
Ary

By: Brian M.

Brian M. — Mon, 09 Mar 2009 23:07:37 +0000

I got married last summer, July 2008. Is it ALWAYS better to file jointly?
-I am a graduate student
-I work part-time
-There is one dependent child in our home