filing my taxes?

Question

I am getting ready to file my taxes. what all do i need to take to file them besides my w2 form? do i take invoices where i paid property tax and all? also i sold a house last year - what do i need to take to show this? will i owe alot of taxes since i sold the house? i am SO confused. help please

Answer 1

You will need a copy of the final "HUD" document from the sale of your home. Your mortgage company should have sent you paperwork as well. If you paid property taxes through them, it will be listed. If not, you will need the amount you paid.

If you lived in your home for at least 2 years before selling it, you will not have to pay capital gains tax on the amount you made. If you didn't, you will owe tax.

On the good side, you can deduct the fees connected to the sale of your home such as realtor fees, title search/transfer fees, etc.

I would recommend getting and using one of the tax software programs (TurboTax or TaxCut); they make this much easier.

Answer 2

you will need your W-2, any 1099s received for interest/dividend income, unemployment income, 1098 showing mortgage interest paid, real estate taxes paid, charitable contributions made, unreimbursed employee expenses, etc.

bring a copy of your 2005 tax return!! the tax preparer will need info from this, especially if you paid state taxes for the prior year.

for the sale of your house, if you lived there for 2 out of the past 5 years, then any gain up to $250,000 for singles is non-taxable ($500,000 for married couples).

if you do not meet the exemption qualifications, you will need the closing documents and you should have received a 1099 for the sales proceeds. you will need to provide the cost of your home, plus the cost of any improvements you made to your house.

Answer 3

go to this site:
http://taxes.about.com/od/2006taxes/a/1040a.htm

...it was helpful for me! If you filing a 1040A...

if you wanna spend alittle money this site was good too--it talks about if you bought or sold a house...it seems easier to do this than figure it out yourself!

http://turbotax.intuit.com/?cid=ppc_yh_nb_stan_ts-ts+tx&priorityCode=4140500000
(Click on the "help me choose" button)