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Started By
Message
re: I always file through Turbo tax, but this year's filing was a little different
Posted on 4/9/18 at 1:28 pm to jptiger2009
Posted on 4/9/18 at 1:28 pm to jptiger2009
quote:
Did I do something wrong?
I don't know if you did something wrong or not, without reviewing your return.
But I can tell you, I generally want to punch realtors in the mouth when they talk about how you should buy a house "because it saves you money in taxes".
With the growing standard deduction and low interest rates, most people in a starter or midsize home, in a low-property-tax state, realize little, to no, income tax benefit.
With the jump in the standard deduction, that's going to be even more true.
2
Posted on 4/9/18 at 1:39 pm to LSUFanHouston
Are you a financial advisor?
Posted on 4/9/18 at 1:40 pm to TexasTiger34
quote:
you should start keeping tracking of charity donations
10 steps ahead of you.
Posted on 4/9/18 at 1:43 pm to Joshjrn
quote:
The longer I have spent on this board, the more I've found that absolute outcomes are vastly less important to the average person than feeling like they are "winning" comparative to others
Absolute outcome analysis should be taught in elementary school. It would solve so many problems.
This post was edited on 4/9/18 at 1:43 pm
Posted on 4/9/18 at 1:45 pm to LZ83
quote:
Are you a financial advisor?
CPA who should be working on this pile of tax returns and not posting on TD at the moment =)
Posted on 4/9/18 at 1:48 pm to LSUFanHouston
quote:
CPA who should be working on this pile of tax returns and not posting on TD at the moment =)
I hate to talk shop, but since you volunteered this info - I relocated in the middle of last year. For the partial year in Louisiana, should I file a non-resident return, then claim credit for those taxes paid on my new state of residence's return?
Or am I missing something, because it is confusing?
Posted on 4/9/18 at 1:51 pm to jptiger2009
quote:
jptiger2009
the house alone usually won't get you above the standard deduction. it is hit or miss for me depending on the year. one thing to check out: if you bought a car, you probably paid more in sales tax than state income tax. you can deduct that. it got me over the hump for 2017 for the first time in a couple years. now i'm looking forward to that 24k deduction and double the child credit
Posted on 4/9/18 at 2:03 pm to Ace Midnight
quote:
Or am I missing something, because it is confusing?
Don't feel bad, it is confusing.
You are going to file an LA part year / non resident return and claim the income and deductions from when you lived in LA.
For your new state, depending on the state, it is usually handled one of two ways.
1) You do a part year return for that state, and only pick up the income/deductions for that state.
2) You do a full year return. You pick up all income and deductions (even those from LA), and then you take a credit for the taxes paid to LA (note, in most cases, it's not a dollar for dollar credit... there are formulas and limitations to follow, but the end result is that you should not have to pay tax on a dollar of income to two states.)
Posted on 4/9/18 at 2:12 pm to TexasTiger34
quote:Wont matter going forward unless he has a mansion or donates a shite ton
you should start keeping tracking of charity donations
Posted on 4/9/18 at 3:29 pm to LSUFanHouston
I wish I could find an awesome FA.
Posted on 4/9/18 at 3:50 pm to LSUFanHouston
quote:
But I can tell you, I generally want to punch realtors in the mouth when they talk about how you should buy a house "because it saves you money in taxes".
If you need a mortgage, or just want a mortgage because the borrowing cost is cheap, and get to deduct interest that is fine, but the deduction should be secondary., Like your realtor, too many people have kept mortgages for the tax deduction thinking it was somehow better to pay $10,000 in interest to avoid paying $2800 in taxes, of course these same people think they are killing it in the tax game because they got a huge refund.
Posted on 4/9/18 at 5:58 pm to LSUFanHouston
Thanks. I thought that was the deal.
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