Tax Return Swag

[Miasma]

If you were a student last year and didn't make much money it is possible that you are already getting a refund for all the tax you paid through the standard personal credit.  Does your refund already equal the total tax deducted on all t4 slips?

So if my total T4 deductions are hit before I reach my tuition paid I can only roll over the credits for the higher tax bracket?

No I mean if you made $10,000 last year and paid $2000 in taxes (I'm just making numbers up here) then you probably don't need to use any tuition deductions to get back all $2000 that you paid because you start off with an almost $10,000 credit to begin with (first line of the T1 form).  If the program says your refund is the same as what was deducted from all your tax slips it can't use your tuition since you naturally can't get a refund that is larger than what you paid.

You can use your tuition deduction next year (or any year in the future you want I think).  If you want to get complicated you could also transfer your credits to whichever parent makes the most allowing them to get a bigger refund which they can give to you because they would be in a higher tax bracket but I'm already worried we might be misscommunicating so I won't get into that .

[NiX]

No, we're not. I get what you mean. I was thinking that my tuition would give a refund on its own, but I guess that's not the case. Just credit. Oh well, better than nothing.

[Viin]

Unless I'm missing your meaning,  sure you can.  It offsets your rental revenue on a Schedule E,  and isn't subject to AMT.  If your expenses are greater than your rental revenue (which happens), it will be limited because it's a passive income source.  Will be carried over to future years, or used to offset other passive (interest, dividends) sources.

That's right. You just can't claim the expense until you sell, or, as you say, apply it against some other passive income. Since I have a newer mortgage on my rental, there's no way my rental income would exceed my rental expenses (with depreciation, especially). Sucks to carry it, but maybe that'll work in our favor if taxes go up later.

[Johny Cee]

Unless I'm missing your meaning,  sure you can.  It offsets your rental revenue on a Schedule E,  and isn't subject to AMT.  If your expenses are greater than your rental revenue (which happens), it will be limited because it's a passive income source.  Will be carried over to future years, or used to offset other passive (interest, dividends) sources.

That's right. You just can't claim the expense until you sell, or, as you say, apply it against some other passive income. Since I have a newer mortgage on my rental, there's no way my rental income would exceed my rental expenses (with depreciation, especially). Sucks to carry it, but maybe that'll work in our favor if taxes go up later.

Ahhh, kk.

Honestly,  the only rentals I ever see make much/any profit are:  "slum" style housing (whether college or old-school low income),  or commercial space (which you need to have connections to recruit tenants). 

[Miasma]

Just out of curosity, this year is the first time I might actually be elgible for a REAL refund. Can anyone with some experience in this shit PM me? going to see the accountant this weekend, could use some advice.

Be sure to tell them about the forum server donations .

[schild]

What server donations? NEVER TELL YOUR CPA ABOUT BOOZE AND HOOKERS.

Yow.

Shit creek and such.

[Baldrake]

Do we have any people that are good with Canadian taxes?

I use Taxman. It's free. It's awesome.

[Samwise]

Is their slogan "One for you, nineteen for me"?   

[Sky]

Johnny, I thought the whole energy credit thing wasn't renewed for 2008? I should be entering the ranks of mortgage interest write-off folks soon. Was hoping to get some additional credits by replacing some old crappy windows and doors, but iirc the fiancee said they aren't renewed.

Tax return this year will be like most years, a little back from the fed, pay a little to the state. Nice balance, usually get a few hundred back (which will go toward a grill for the new house) and no hassle of saving for a tax bill all year long. The big $600 incentive thingy of Bushy's will probably make the grill an awesome grill. Maybe a snowblower.

[Chimpy]

Johnny, I thought the whole energy credit thing wasn't renewed for 2008? I should be entering the ranks of mortgage interest write-off folks soon. Was hoping to get some additional credits by replacing some old crappy windows and doors, but iirc the fiancee said they aren't renewed.

Tax return this year will be like most years, a little back from the fed, pay a little to the state. Nice balance, usually get a few hundred back (which will go toward a grill for the new house) and no hassle of saving for a tax bill all year long. The big $600 incentive thingy of Bushy's will probably make the grill an awesome grill. Maybe a snowblower.

Have been doing a little research for a building expansion at work, and the energy efficiency tax credit was extended to the end of '08. Some of the documents online will still say it goes bye-bye after Dec 31 07 though because I think the credit was not passed until very late in the last session of congress.

[Merusk]

The big $600 incentive thingy of Bushy's will probably make the grill an awesome grill. Maybe a snowblower.

The way you worded this made me envision a grill that is also a snow-blower.  Some kind of hot weather/ cold weather hybrid appliance like those ovens that also turn into refrigerators.  That would rule.

[Sky]

Grilling coneys while removing snow from the driveway?

So full of win.

[Nebu]

My entire tax refund is going toward my daughter's private school tuition.  Yay for having an ex-wife that refuses to use the public school system.

[voodoolily]

There are some sweet, sweet credits for "energy efficient home improvements" now.  Energy efficient windows, etc.  Can't remember,  but I think the energy efficient car credits have mostly sunset.

We haz them.

[MuffinMan]

You will also pay taxes on the rebate when you file next year.

Earlier in the thread but I keep hearing people say this and it's not true. The rebate is non-taxable.

[Merusk]

Fed rebates are non-taxable, State & local rebates aren't.  Still, so long as you're only getting a hundred to a few hundred back from the state, the taxes are a pittance.

[Montague]

You will also pay taxes on the rebate when you file next year.

Earlier in the thread but I keep hearing people say this and it's not true. The rebate is non-taxable.

Also the $75,000 a year (or whatever it is) is a sliding scale, not a cutoff. You can make more than that and still get a rebate, just not the full $600.

[MrHat]

That's all besides the point.

Why shouldn't I buy an Air and will I get my money back if I buy a deck in a community of townhouses that all have decks?

[Viin]

Yes and Yes.

Don't get an Air if you want to plug stuff into it. Otherwise, get one. :)

[JWIV]

That's all besides the point.

Why shouldn't I buy an Air and will I get my money back if I buy a deck in a community of townhouses that all have decks?

You won't get your money back, but you will have more trouble selling if you don't have a deck and are surrounded by decks and your buyers walk through your house and are struck with massive deck envy.

[Yegolev]

Anyone have a good link to the important facts of the rebate?  If I actually do get a check for $1500 in July, I think that will buy me a new TV.  I'm suspicious that I won't, however.

Answering myself: http://www.irs.gov/app/espc/

Another edit to say I get jack shit.  Thanks, fuckers.

[Merusk]

I get $1800... still going into the kid's accounts and remaining out of circulation.  Stimulate that!

[MrHat]

That's all besides the point.

Why shouldn't I buy an Air and will I get my money back if I buy a deck in a community of townhouses that all have decks?

You won't get your money back, but you will have more trouble selling if you don't have a deck and are surrounded by decks and your buyers walk through your house and are struck with massive deck envy.

Gah. Fucking Harford county.  I want to move into the city but our market peaked when we bought our place.

[Strazos]

My entire tax refund is going toward my daughter's private school tuition.  Yay for having an ex-wife that refuses to use the public school system.

My uncle's ex practically refuses to help with the daughter's college tuition, and she's a neonatologist. Crazy.

Personally, all my school loans are in my name. I just couldn't justify trying to saddle my parents with MORE burden.

[MrHat]

neonatologist?

[Signe]

She's a doctor for itsy bitsy babies.  She's probably not quite one yet because once you are one, you probably don't need tuition money anymore.

[JWIV]

That's all besides the point.

Why shouldn't I buy an Air and will I get my money back if I buy a deck in a community of townhouses that all have decks?

You won't get your money back, but you will have more trouble selling if you don't have a deck and are surrounded by decks and your buyers walk through your house and are struck with massive deck envy.

Gah. Fucking Harford county.  I want to move into the city but our market peaked when we bought our place.

Blech.   Good news is that the prices in the city have finally begun to slip off their peak.   Bad news is - so is the rest of Maryland.

In Harford - the BRAC should help you out a bit though as APG is coming out on the plus side when things finally get underway.  But anyway - if you're doing this with an eye to sell,  just keep it simple and your costs low. 

[schild]

Just to note:

http://www.irs.gov/newsroom/article/0,,id=179181,00.html

Q. Is my stimulus payment taxable?

 A. No. You will not owe tax on your payment when you file your 2008 federal income tax return. But you should keep a copy of the IRS letter you receive later this year listing the amount of your payment. In the event you do not qualify for the full amount this year but you do next year, you will need to have the letter as a record of the amount you previously received.

[schild]

I owe so much that my stimulus, state return and bank account get sapped nearly completely by the feds. The f13 server fund will have more money in it than my bank account.

[Viin]

Sucky. Not withholding enough?

[schild]

I won a lot of contests at GoDaddy this year, and it seems they filed the taxes for it as if I were in a lower income bracket. Thing is, they're supposed to pay the taxes, so I might be able to get a check out of them.

Mostly though, I'm fucking broke. I'm tempted to sell the DVD collection.

[Polysorbate80]

Apparently the wife and I have been overpaying on our quarterlies; we're getting back about $5,000 (not including whatever the rebate works out to be.)

Wonder if "Kristen" is busy this weekend? 

[Signe]

It's a conspiracy, you know... this whole over-paying taxes.  Somehow the government has made us think that paying too much in taxes is a really good way to get free money at the end of every year when, in fact, we are giving them free money.  I bet the IRS has a whole Indiana Jones sized warehouse packed with thank you letters from satisfied Americans.

[MrHat]

Apparently the wife and I have been overpaying on our quarterlies; we're getting back about $5,000 (not including whatever the rebate works out to be.)

Wonder if "Kristen" is busy this weekend? 

Hahaha.  I totally didn't think about this.

We decided.  Trip to Denver.  Pay off the rest of our Credit Cards.  Deck.