Posted by: moonshine December 15, 2011
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Mitra,
Scenario: I am married filing jointly. I recently started going to university. I sold my house which does not qualify as my primary residence (tried all the tests), and I do not qualify for limited exclusion either. I have a six figure gain(long tern) (I have to pay 15c on each $1 gain.) How do I reduce my tax liability?
Tara, I agree. If you have regular stuff where you do not need to use strategies, do not use a CPA. You could use turbotax, or any of the other softwares out there. If they have time, they could use the 1040 instructions from IRS. I believe IRS has a free software on their website as well.
Scenario: I am married filing jointly. I recently started going to university. I sold my house which does not qualify as my primary residence (tried all the tests), and I do not qualify for limited exclusion either. I have a six figure gain(long tern) (I have to pay 15c on each $1 gain.) How do I reduce my tax liability?
Tara, I agree. If you have regular stuff where you do not need to use strategies, do not use a CPA. You could use turbotax, or any of the other softwares out there. If they have time, they could use the 1040 instructions from IRS. I believe IRS has a free software on their website as well.