Tax information posted

dilligaf

IN VINO VERITAS
I don't even want to think about doing taxes. I've always done my taxes with Turbo Tax, but have never had to do inheritance money. I have no idea how to account for it, or what it's taxed at.
Ovah, not only do you have the inheritance, you have the purchase of the house to contend with. Also the sale of your old house. It may make a difference. I know I am having to get documents together for our taxes because we bought the house.
 

over9five

Moderator
Staff member
Ovah, not only do you have the inheritance, you have the purchase of the house to contend with. Also the sale of your old house. It may make a difference. I know I am having to get documents together for our taxes because we bought the house.
Well, I...... ahem.......cough cough...... haven't bought anything......yet.

But you're right, we did sell in '11.

I'll have to see what wifeys siblings are doing.
 

moreluck

golden ticket member
Well, I...... ahem.......cough cough...... haven't bought anything......yet.

But you're right, we did sell in '11.

I'll have to see what wifeys siblings are doing.
Both GOP candidates have talked about 0 inheritance taxes.....fingers crossed!
 

Overpaid Union Thug

Well-Known Member
Mine will be deposited on the 1st

Mine has always been deposited much earlier than stated. I use Turbo Tax.

Our very expensive pro got us audited 2 years in a row.........We do our own using exactly the same program that CPA used only we don't make "red flag" mistakes. (Turbo Tax)

Several "tax pros" I've delivered to told me (when no customers were around) that the software they use isnt much different than what can be used at hom. And that unless you had a business and lots of property and stocks then It was basically silly to pay anyone to do your taxes.
 

midwest brown

Well-Known Member
Mine will be deposited on the 1st

Mine has always been deposited much earlier than stated. I use Turbo Tax.

Our very expensive pro got us audited 2 years in a row.........We do our own using exactly the same program that CPA used only we don't make "red flag" mistakes. (Turbo Tax)

Several "tax pros" I've delivered to told me (when no customers were around) that the software they use isnt much different than what can be used at hom. And that unless you had a business and lots of property and stocks then It was basically silly to pay anyone to do your taxes.
Well I just filed like 3 days ago so I'm happy with the first! That's awesome your getting it before the 1st.
 

brownmonster

Man of Great Wisdom
I payed an accountant several years because we have a small business. I now use HR Block Tax Cut and it uses the same forms as the accountant did for 1/3 the price. My big dilema this year is 3 kids that payed college tuition. I can only claim 4K and if they each claim their own I can no longer claim them as dependents.
 

UpstateNYUPSer(Ret)

Well-Known Member
I payed an accountant several years because we have a small business. I now use HR Block Tax Cut and it uses the same forms as the accountant did for 1/3 the price. My big dilema this year is 3 kids that payed college tuition. I can only claim 4K and if they each claim their own I can no longer claim them as dependents.

This is why I love using tax software---you can run both scenarios and see which one is most beneficial. I would think having the kids claim their own would work out best (as long as they realize that what they would not have been entitled to goes back to Mom and Dad:happy2:)
 

brownmonster

Man of Great Wisdom
This is why I love using tax software---you can run both scenarios and see which one is most beneficial. I would think having the kids claim their own would work out best (as long as they realize that what they would not have been entitled to goes back to Mom and Dad:happy2:)

My thoughts exactly.
 
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