User Tag List

+ Reply to Thread
Page 1 of 4 1234 LastLast
Results 1 to 10 of 39

Thread: IRS Madness

  1. #1
    Points: 74,623, Level: 66
    Level completed: 65%, Points required for next Level: 827
    Overall activity: 40.0%
    Achievements:
    50000 Experience PointsSocialVeteran
    Standing Wolf's Avatar Senior Member
    Karma
    314971
    Join Date
    Oct 2015
    Posts
    25,620
    Points
    74,623
    Level
    66
    Thanks Given
    5,717
    Thanked 21,088x in 12,283 Posts
    Mentioned
    415 Post(s)
    Tagged
    1 Thread(s)

    IRS Madness

    We normally don't have too much of a problem filing...although last year it did take me a couple of days because of all the different forms dealing with a sizeable inheritance from my late sister. Turns out that I actually, apparently, hosed that one up to some degree, because I ended up overpaying by more than $8K and was pleasantly surprised when they gave the money back to me. That could have easily gone the other way.

    This year I'm putting up the white flag. I've spent the last five hours reading and re-reading the seemingly endless instructions for reporting a capital gain loss (from the sale of my sister's house) and I'm conceding defeat. I'm going to go pay the H & R Block dude a hundred dollars to fill in the blanks of the Form 8949 and Schedule D for me, because the 1099-S the title company sent me (and the IRS) doesn't reflect all the closing costs and allowances to the Buyer, or the fact that the sale price was $12K under the house's assessed value.

    Heck with it. It's worth a Franklin to me to be able to kick back this afternoon and think about something else.
    Civilized men are more discourteous than savages because they know they can be impolite without having their skulls split, as a general thing.” - Robert E. Howard

    "Only a rank degenerate would drive 1,500 miles across Texas and not eat a chicken fried steak." - Larry McMurtry

  2. The Following 6 Users Say Thank You to Standing Wolf For This Useful Post:

    Captdon (04-16-2023),carolina73 (04-15-2023),Collateral Damage (04-17-2023),FindersKeepers (04-15-2023),RMNIXON (04-14-2023),zelmo1234 (04-14-2023)

  3. #2
    Points: 665,270, Level: 100
    Level completed: 0%, Points required for next Level: 0
    Overall activity: 88.0%
    Achievements:
    SocialRecommendation Second ClassYour first GroupOverdrive50000 Experience PointsTagger First ClassVeteran
    Awards:
    Discussion Ender
    Chris's Avatar Senior Member
    Karma
    433316
    Join Date
    Feb 2012
    Posts
    197,552
    Points
    665,270
    Level
    100
    Thanks Given
    31,984
    Thanked 80,905x in 54,720 Posts
    Mentioned
    2011 Post(s)
    Tagged
    2 Thread(s)
    I spent $80 something for TurboTax to do my taxes. I'd done it manually but was so unsure on 8949s and Schedule D that I thought I'd better verify. TurboTax did it almost exactly as I had plus saved me an additional $800 something. I got my refund almost 2 weeks ago now.
    Tradition is not the worship of ashes, but the preservation of fire. ― Gustav Mahler

  4. The Following 2 Users Say Thank You to Chris For This Useful Post:

    Captdon (04-16-2023),Collateral Damage (04-17-2023)

  5. #3
    Points: 114,188, Level: 82
    Level completed: 18%, Points required for next Level: 2,462
    Overall activity: 61.0%
    Achievements:
    Social50000 Experience PointsVeteran
    RMNIXON's Avatar Senior Member
    Karma
    30557
    Join Date
    Sep 2020
    Posts
    30,802
    Points
    114,188
    Level
    82
    Thanks Given
    31,836
    Thanked 30,551x in 17,987 Posts
    Mentioned
    78 Post(s)
    Tagged
    0 Thread(s)
    Simplified Taxation is something nearly everyone agrees with until it means your deductions and credits are taken away.......

    As for Capital Gains they are way up under Biden who claimed to be only taxing the super rich and what a LIE that was!
    My Revenge will be Success! - Donald J Trump

  6. #4
    Points: 27,939, Level: 40
    Level completed: 77%, Points required for next Level: 311
    Overall activity: 14.0%
    Achievements:
    Veteran25000 Experience Points
    Omar's Avatar Senior Member
    Karma
    7528
    Join Date
    Jun 2020
    Posts
    9,431
    Points
    27,939
    Level
    40
    Thanks Given
    5,333
    Thanked 7,522x in 4,632 Posts
    Mentioned
    16 Post(s)
    Tagged
    0 Thread(s)
    I used to do my taxes, but as they grew more complex I gave up on it. I go to a local company that doesn't charge too much. H&R Block is expensive.
    "Look into my eyes - I guarantee you - I guarantee you we are going to end fossil fuels" - Joe Biden

  7. The Following User Says Thank You to Omar For This Useful Post:

    Captdon (04-16-2023)

  8. #5
    Points: 123,366, Level: 85
    Level completed: 17%, Points required for next Level: 2,684
    Overall activity: 60.0%
    Achievements:
    50000 Experience PointsSocialVeteran
    FindersKeepers's Avatar Senior Member
    Karma
    173984
    Join Date
    Jan 2016
    Posts
    35,702
    Points
    123,366
    Level
    85
    Thanks Given
    25,436
    Thanked 26,625x in 16,267 Posts
    Mentioned
    271 Post(s)
    Tagged
    0 Thread(s)
    Quote Originally Posted by Standing Wolf View Post
    We normally don't have too much of a problem filing...although last year it did take me a couple of days because of all the different forms dealing with a sizeable inheritance from my late sister. Turns out that I actually, apparently, hosed that one up to some degree, because I ended up overpaying by more than $8K and was pleasantly surprised when they gave the money back to me. That could have easily gone the other way.

    This year I'm putting up the white flag. I've spent the last five hours reading and re-reading the seemingly endless instructions for reporting a capital gain loss (from the sale of my sister's house) and I'm conceding defeat. I'm going to go pay the H & R Block dude a hundred dollars to fill in the blanks of the Form 8949 and Schedule D for me, because the 1099-S the title company sent me (and the IRS) doesn't reflect all the closing costs and allowances to the Buyer, or the fact that the sale price was $12K under the house's assessed value.

    Heck with it. It's worth a Franklin to me to be able to kick back this afternoon and think about something else.

    Just a guess, but the 1099-S might be reflecting a split in closing costs between the buyer and seller. And, you may be limited to around $3K in cap gain losses. Or it might be higher or lower now.

    It's worth it to have a tax accountant do the taxes in situations like this.

    Good luck!
    ""A government which robs Peter to pay Paul can always depend on the support of Paul" ~George Bernard Shaw

  9. #6

    tPF Moderator
    Points: 473,135, Level: 100
    Level completed: 0%, Points required for next Level: 0
    Overall activity: 69.0%
    Achievements:
    Social50000 Experience PointsTagger First ClassYour first GroupVeteranRecommendation First ClassOverdrive
    Awards:
    Master Tagger
    DGUtley's Avatar tPF Moderator
    Karma
    200770
    Join Date
    Jul 2016
    Location
    Northeast Ohio
    Posts
    52,922
    Points
    473,135
    Level
    100
    Thanks Given
    17,060
    Thanked 46,040x in 24,874 Posts
    Mentioned
    886 Post(s)
    Tagged
    0 Thread(s)
    You mean to tell me that I can get all this done for just $100? I think my accountant has been ripping me off
    Any time you give a man something he doesn't earn, you cheapen him. Our kids earn what they get, and that includes respect. -- Woody Hayes​

  10. The Following 2 Users Say Thank You to DGUtley For This Useful Post:

    carolina73 (04-15-2023),OLD GUY IN FLORIDA (04-15-2023)

  11. #7
    Points: 27,829, Level: 40
    Level completed: 68%, Points required for next Level: 421
    Overall activity: 31.0%
    Achievements:
    1 year registered25000 Experience Points
    OLD GUY IN FLORIDA's Avatar Senior Member
    Karma
    7859
    Join Date
    Sep 2021
    Location
    In Florida, I already told you that
    Posts
    8,978
    Points
    27,829
    Level
    40
    Thanks Given
    3,121
    Thanked 7,855x in 4,624 Posts
    Mentioned
    22 Post(s)
    Tagged
    0 Thread(s)
    Quote Originally Posted by DGUtley View Post
    You mean to tell me that I can get all this done for just $100? I think my accountant has been ripping me off
    I have been using the same accountant for almost 40 years. I always get a very healthy tax refund but he cost me more and more every year. However, the peace of mind is worth it. When the fee becomes as high as the refund I may look elsewhere!
    Devotion to the truth is the hallmark of morality; there is no greater, nobler, more heroic form of devotion than the act of a man who assumes the responsibility of thinking.”
    Ayn Rand, Atlas Shrugged

  12. The Following User Says Thank You to OLD GUY IN FLORIDA For This Useful Post:

    carolina73 (04-15-2023)

  13. #8

    tPF Moderator
    Points: 473,135, Level: 100
    Level completed: 0%, Points required for next Level: 0
    Overall activity: 69.0%
    Achievements:
    Social50000 Experience PointsTagger First ClassYour first GroupVeteranRecommendation First ClassOverdrive
    Awards:
    Master Tagger
    DGUtley's Avatar tPF Moderator
    Karma
    200770
    Join Date
    Jul 2016
    Location
    Northeast Ohio
    Posts
    52,922
    Points
    473,135
    Level
    100
    Thanks Given
    17,060
    Thanked 46,040x in 24,874 Posts
    Mentioned
    886 Post(s)
    Tagged
    0 Thread(s)
    Quote Originally Posted by OLD GUY IN FLORIDA View Post
    I have been using the same accountant for almost 40 years. I always get a very healthy tax refund but he cost me more and more every year. However, the peace of mind is worth it. When the fee becomes as high as the refund I may look elsewhere!
    Absolutely agree. I have never met my accountant. My wife has, but I haven't. We've spoken on the phone and emailed but no in person meetings. Once about 15 years ago I got a letter saying we owed them about $130. I wanted to pay it and he was adamant we didn't owe it so he said 'no'. We didn't owe it and the IRS eventually agreed.
    Any time you give a man something he doesn't earn, you cheapen him. Our kids earn what they get, and that includes respect. -- Woody Hayes​

  14. #9
    Points: 8,821, Level: 22
    Level completed: 47%, Points required for next Level: 429
    Overall activity: 9.0%
    Achievements:
    1 year registered5000 Experience PointsTagger Second Class
    blackjack21's Avatar Senior Member
    Karma
    2519
    Join Date
    Aug 2021
    Location
    California
    Posts
    2,585
    Points
    8,821
    Level
    22
    Thanks Given
    770
    Thanked 2,509x in 1,395 Posts
    Mentioned
    10 Post(s)
    Tagged
    0 Thread(s)
    Mine retired, and a new guy took over the business. He screwed up every return from 2018 forward and was charging me to refile on his mistakes. So I went back to TurboTax, and it was a snap.
    "I get a lot of credit I don't deserve." -- Joe Biden

  15. The Following User Says Thank You to blackjack21 For This Useful Post:

    Collateral Damage (04-17-2023)

  16. #10

    tPF Moderator
    Points: 473,135, Level: 100
    Level completed: 0%, Points required for next Level: 0
    Overall activity: 69.0%
    Achievements:
    Social50000 Experience PointsTagger First ClassYour first GroupVeteranRecommendation First ClassOverdrive
    Awards:
    Master Tagger
    DGUtley's Avatar tPF Moderator
    Karma
    200770
    Join Date
    Jul 2016
    Location
    Northeast Ohio
    Posts
    52,922
    Points
    473,135
    Level
    100
    Thanks Given
    17,060
    Thanked 46,040x in 24,874 Posts
    Mentioned
    886 Post(s)
    Tagged
    0 Thread(s)
    Quote Originally Posted by blackjack21 View Post
    Mine retired, and a new guy took over the business. He screwed up every return from 2018 forward and was charging me to refile on his mistakes. So I went back to TurboTax, and it was a snap.
    I wish I could do that, but I can't. The K1 from the firm, my broker, etc. Too messy.
    Any time you give a man something he doesn't earn, you cheapen him. Our kids earn what they get, and that includes respect. -- Woody Hayes​

+ Reply to Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts