2017 Tax Season and Return Thread Vol. Tax Podcast Mixed In?

Got a question, I'm doing taxes for my parents and they refinanced last year. I'm looking at a substitute 1098 form that says "Mortgage interest received from payers/borrowers in box 1 with a number." Am I correct when I say the interest paid on an loan when refinancing is tax deductible? Would that number be the interest paid?
 
The closing costs of that refinancing is also tax deductible. I forgot if you amortize it over the length of the loan or 15 years. You have to look into that. Just like if your parents did renovations of over 10k then they have to amortize those costs over 15 years rather than take the whole deduction in the year incurred. I do corporate taxes so I'm not up to date with the individual stuff.

It's why, not to tought the profession, but to seek professional help from someone good. Because they'll know the ins and outs of everything.
 
Biggie62 said:
The closing costs of that refinancing is also tax deductible. I forgot if you amortize it over the length of the loan or 15 years. You have to look into that. Just like if your parents did renovations of over 10k then they have to amortize those costs over 15 years rather than take the whole deduction in the year incurred. I do corporate taxes so I'm not up to date with the individual stuff.

It's why, not to tought the profession, but to seek professional help from someone good. Because they'll know the ins and outs of everything.
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They didn't pay any closing costs but they did do some renovations this year (new windows/insulation) so that will be on next years taxes. Wasn't aware of the amortizing part so I'll do some research on that.
 
Had a client who made $80K off uber alone.
He had to pay about $3K in taxes. Wasn't bad at all.
I tried to ask him what his schedual was like and how often he drove. He just dodged the question lol
 
theknowledgeableprofessor said:
I'm going through a divorce.

Ex wife took my W2s from mail and filled my tax return with hers, but she didn't file some 1099s misc forms I have.

I'm so ****** this season :smh:

What a headache
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Damn man I hope I don't end up like this ever. Goodluck bruh

BenDover said:
Had a client who made $80K off uber alone.
He had to pay about $3K in taxes. Wasn't bad at all.
I tried to ask him what his schedual was like and how often he drove. He just dodged the question lol
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He working like a dog :lol:.
 
BenDover said:
Had a client who made $80K off uber alone.
He had to pay about $3K in taxes. Wasn't bad at all.
I tried to ask him what his schedual was like and how often he drove. He just dodged the question lol
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80k :wow:

Cant even imagine what his schedule must have been like
 
E-Filed through Turbo Tax on January 29.
Still haven't got my return yet.
Exempted my paychecks about 8 of 12 months in 2016.
And still getting almost $300 back.
I would call that a win.
:pimp:
 
BenDover said:
Had a client who made $80K off uber alone.
He had to pay about $3K in taxes. Wasn't bad at all.
I tried to ask him what his schedual was like and how often he drove. He just dodged the question lol
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How many hours did he have to work to earn $80k from Uber? Seems like it would be a lot. Hope he drives something durable.
 
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Do you guys report the interest from your bank account? They usually send you a 1099-INT form with the interest you got in the year. I filed my taxes in January and did not report it b/c it was only like $40 bucks but now I think I made a mistake. 
 
I-Owns2 said:
Do you guys report the interest from your bank account? They usually send you a 1099-INT form with the interest you got in the year. I filed my taxes in January and did not report it b/c it was only like $40 bucks but now I think I made a mistake. 
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If it's under $10 you don't have to. Look I would say do it because any time you get a W2 or a 1099 or 1098 that means the IRS has the information on their hands. Now whether they want to challenge you it's on them. If you are taking a more aggressive approach towards your tax returns I would do it to avoid another red flag. If you are honest and aren't getting much back then I can say that you can get away with it. It'll be like 8 dollars in taxes though so not much. 8 on your return won't make or break you.
 
I already got my return wasn't too much a little less than 1500, I didn't take an aggressive approach when filing. But I am almost certain I will be getting a letter from them this spring.
 
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Obamacare murked me this year. Only got $376 back.... apperantly my premium wasn't in accordance to my salary got a slight raise early last year. So they took nearly $900 away smh....
 
I got way more than that i did with turbo tax. :smokin

im off the turbo tax appreciation boat after this. yall takin L's
 
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Wavy Daddy said:
Do you need your AGI on turbo tax?
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No, it appears to be calculated for you. With mine, I did efile through TT for federal, and then printed out the pdf and transferred that info (including AGI) to my states taxpayer website and did my state there.. Saved me $35. Only the state taxes needed my AGI.


Tero, how is that possible? Are you forgetting something on one and not the other? There is no free money. Most, if anything, lower their tax liability so much that whatever federal is withheld, they get that all back. Did you itemize on the other program? I've messed around with a couple programs and all get to within the same number 95% of the time.
 
I tried both TaxFreeUsa, then I used HR Block. Both of them gave me the same result. So I just filed with HR Block since all my info was saved form last year.

All I have is a 1040 and the 1095 so it's easy to file. Plus Texas doesn't collect state taxes, so the federal came out free.

I filed on the 23rd, and got the money on March 1st. It was super quick with direct deposit. Over 2,000, time to book some trips this year. :tongue:
 
Tero, what does that even mean? With TT, you walk through so many steps ( did you go to school for half the year. Do you own a home? What did you pay for car insurance). They pretty much ensure that you don't have to itemize if you dont reach the standard deduction. Unless you make up LIES, all programs are essentially the same (even H&R Block). Any place promising otherwise may be fudging some numbers
 
Just had my taxes done today. Owed $159 Federal and getting back $400+ from state. That's about the closest I've ever been to breaking even. I feel like it would be nearly impossible to get any closer.
 
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