Finally got all of our tax forms and the time to actually DO my taxes. Looks like a $3500 (and change) tax refund this year. Yeah :)
ouch! hope that's not the case!
Quoting christaberk:
I'm worried about ours. We did a deed in lieu of foreclosure last year on our home in Jacksonville. I think they may say that the amount the bank let us walk away from is income, and which was untaxed. If so, that is 60,000 that we will have to pay taxes on.
We're still waiting for two w2s. Dh said he wished he could just file with what we have since we'd get about 5000 back. He thinks that his other w2 will drop it quite a bit since we're probably in a higher tax bracket. Guess we'll see what happens.
Nice. I am still waiting on one form. Then I will make my appointment.
Federally, I think you are correct and it will be considered untaxed income. I know California is forgiving it though, so check with your state (if you pay state income tax) and see if you can get if forgiven from state at least.
Quoting christaberk:
I'm worried about ours. We did a deed in lieu of foreclosure last year on our home in Jacksonville. I think they may say that the amount the bank let us walk away from is income, and which was untaxed. If so, that is 60,000 that we will have to pay taxes on.
I need to find out if I'm needing a W2 from CM or not, then I should be able to get the ball rolling.
Well, sort of. Wouldn't that be part of the capital gains tax?
If you moved for work, you shouldn't have to pay the capital gains tax.
Quoting christaberk:
I'm worried about ours. We did a deed in lieu of foreclosure last year on our home in Jacksonville. I think they may say that the amount the bank let us walk away from is income, and which was untaxed. If so, that is 60,000 that we will have to pay taxes on.
"Acts of God"
- the3Rs
on Jan. 30, 2013 at 6:55 PM