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FAQ

Do you get a 1099 when you sell a house?
You might receive a Form 1099-S from the closing company. If you do, you will have to report the sale on your return but you may not be taxed if you are eligible for the Section 121 exclusion.Real estate closers are allowed to ascertain if a sale qualifies for the Section 121 exclusion. Typically they will have you fill out a questionnaire regarding when you acquired the property, what you paid for it, if you used it as your primary residence and if so, when and whether you ever rented it out to others, etc.If the responses indicate that you are eligible for the Section 121 exclusion they won't cut a 1099-S. If there is any question about your eligibility, they will issue a 1099-S leaving it up to you to prove that you are eligible by showing the sale on your return.Not all closers will go through the process. When I sold my place in 2015 after getting married the title company refused to participate and sent me the 1099-S. When my wife and I sold our place in 2018, the title company did have us fill out the questionnaire and didn't send a 1099-S.
Is it hypocritical to believe that people should keep the money they earn, yet tax the working class and give the fat cats tax breaks?
Is it hypocritical to believe that people should keep the money they earn, yet tax the working class and give the fat cats tax breaks?absolutely silly.the wealthy people pay far more in taxes than the rest of us. A tax break means they get to keep some of their money, and they’re paying at a much higher percentage. It’s hypocritical and low information to believe they should keep paying so much rather than condemn those who contribute NOTHING but need.If you want to get mad at a group, get mad a the welfare rats and parasites who sponge off of lower income, medium and upper income people and contribute nothing but debt and need.
How will filing my taxes for 2018 be different with Trump’s tax plan?
Specifics here depend on your individual situation, but here are some general statements:Your taxable income = your AGI (adjusted gross income) - deductions (either the standard deduction or the total of itemized deductions) - (personal exemption x number of people claimed on your return_.Standard deduction - for most filing statuses, this greatly increased (a good thing for you - lower taxable income)Itemized deduction - not only has this been severely limited, but it now must be greater than that much increased standard deduction to be useful to you (might not matter to you if you did not itemize, but if you did, this was probably a loser for you)Personal exemptions - previously you had $4050/person reducing your taxable income - now nothing (the increased standard deduction may make up for this, but maybe not - depends on your family size)Your tax bracket - the % paid in taxes for income in specific ranges was lowered for many income ranges/brackets. This drop does not apply to all of your income, but only to income in each specific range - just how much this changed your taxes owed depends on your filing status (single, married, etc) and your taxable income.If you were already in the lowest (10%) marginal bracket (i.e., taxable income under around $21,000 if single or $44,000 married filing jointly), things here did not change much for you.If your marginal rate was higher, your marginal tax rate probably dropped about 3% meaning the tax on part of your income was lower.A side effect of the tax bracket changes: employer withholding guidelines were changed to reflect the bracket change, so many individuals had less tax money withheld from their paychecks. This may have been good for you during the year, but many did not understand how this would change their refund/tax owed when it was time to file 2018 taxes.Some other changes that had widespread effects:Child Tax Credit - if you had children under 17 at the end of the year, you could get up to $2000/child taken off your taxes. If that wiped out your taxes, you could get up to $1400/child paid to you in your tax refund.Other dependents - if you supported others, including children 17 and older, you could get up to $500 off your taxes (in place of the personal deduction you might have had previously for an older dependent). This was good if you were in a higher tax marginal bracket, maybe less beneficial otherwise. This is not refundable, so it will only wipe out tax owed.QBID (Qualified Business Income Deduction) - if you were self-employed or got income from a pass-through business (partnerships, LLC, others), your taxable business income could be reduced by up to 20%.
I'm a 1099 contractor but I've never been given a 1099 form from my employer, what does this mean?
One of several things could be the reason. In increasing order of concern:— you never received more than $600 in a year (that’s the reporting threshold);— your “employer” (actually, your client) is violating the law and either not reporting the payments it makes to you, or isn’t providing you with a copy of the report that it is sending to the IRS;— you are not really a contractor, but rather are an employee who is being misclassified by your employer in order to save money. (In that case, you should have gotten W-2’s, which I assume you haven’t gotten either.)Whatever the reason, have you reported the income yourself on a Schedule C even without a 1099? If you have included it in your income, and therefore paid the taxes on it, then you have no liability for not receiving a 1099; that’s on the payer. If, however, you haven’t paid the tax, then not getting a 1099 isn’t an excuse, so you do have a problem.If you are actually an employee, then you both have serious issues, although the employer’s is of a whole different magnitude. Your biggest problem is actually not having gotten all sorts of payments and benefits that you should have gotten but didn’t— that’s what the employer saved by misclassifying you. Of course. you also owe income taxes (and FICA), unless you did pay tax on the money as self-employment income.
What should I know before filing my taxes this year?
If you think you’re going to owe this year instead of getting a refund, do your return early. I can’t tell you how many clients come in at the last minute because they know they’re going to owe, but can’t pay it. Even if you’re not sure, do your return early and if you do end up owing, at least that way you know how much you have to save up. Just because you submit your return in, say, February, any additional taxes owed is not due until April 15. It’s not due when you file your return. Doing your return early gives you plenty of time to consider your options for saving up the money to pay your tax bill. If you can’t pay any or all of the tax due by April 15, there are a number of ways to settle with the IRS, including a short-term payment plan (if you can pay in full within 120 days) or an installment agreement (if you need longer than 120 days).
If you hire a property management person, can you deduct his fees from the rental income for computing income tax?
Yes, just like any other expense.
Is there a legal requirement that all 1099's and W-2's be sent out by January 31?
It’s necessary to send the template to the IRS for the 2018 tax year before the end of January 2019.Form 1099-MISC: Fillable & Printable IRS Template Online | PDFfillerThe same term is applicable for filing to your local tax department of state and payment receiver. It’s a general requirement for all information in the return documents to be sent to a governmental institution during the first month of any given year. It’s also important to file before the set deadlines.The IRS allows taxpayers to complete their tax forms electronically in order for them to be received and processed faster.Filing electronically also makes it easier to share one completed copy between persons and institutions you file to.This helps save time and better automates the tax management process.
What are some tax deductions I can take off the sale of my home?
In the USA, probably the best is the tax exclusion for selling a person’s primary home. The exclusion is up to $250,000 (or $500,000 if you are married filing jointly). Generally speaking, a person is typically eligible if the person owned the home for at least 24 months out of the last 5 years before date of the closing; and the person owned the home and used it as the person’s residence for at least 24 months of the previous 5 years; and the person has not claimed an exclusion from sale of a house within the previous two years. There are more important details, but those are the big ones.Another thing to remember is that a person can generally subtract any selling costs from the selling price when calculating taxes. Examples include selling costs, broker fees and commissions, and legal fees.Also remember that, when figuring the gain on the sale, the person should correctly calculate the cost of purchasing the home. These costs include charges to install utility services, legal fees, title search fees, preparation of the sales contract and deed, recording fees, survey fees, transfer taxes, and owner's title insurance, and broker fees and commissions.The person should also add costs to substantially improve the home, which may include adding a bedroom, adding a bathroom, adding a deck, adding a garage, adding a porch, adding a patio, adding landscaping, adding a driveway, adding a walkway, adding a fence, adding a retaining wall, adding a swimming pool, adding central air conditioning, adding a central humidifying system, adding a central vacuum system, adding an air or water filtration system, adding a security system, adding a lawn sprinkler system, adding storm windows or storm doors, adding a fireplace.Repairs do not usually count if the repair keeps the home in good condition and do not add to its overall value or prolong the life of the house, or if the repair is part of an extensive remodeling or restoration job.See IRS Publication 523 for more information, include important details, requirements, exceptions, and qualifications. https://www.irs.gov/pub/irs-pdf/...See a tax professional for specific advice.
Does it take weeks to get a tax refund without using H&R Block?
H&R Block clients do not get special, faster service from the IRS. As Dennis points out, it CAN take several weeks to get your tax refund from the IRS, although many returns are processed within days.Furthermore, NO returns are processed by the IRS before late January (it was Jan 29th in 2018) and returns requesting refundable credits (Earned Income Tax Credit, some education credits, Child Tax Credit) cannot (by law) be processed until late February (it was Feb 27th in 2018).That being said, H&R Block may offer clients a LOAN against their expected tax refund that they can get immediately; H&R Block also charges a fee for preparing your return.The main factors controlling the time to get your return from the IRS:Is your return correct? Among the most common superficial errors: a mis-typed EIN number on your W-2, a name that does not match the SSN (like using your married name on your return but not your SS card), claiming a dependent who is also claimed on someone else’s return (like a child’s other parent).Did you file electronically? (mailed/paper filing takes longer)Did you have your refund direct deposited into a bank account? (mailed checks take longer)Did you qualify for a refundable credit? (Returns with these credits are held till late-February)