My wife is an independent contractor and we have yet to pay the quarterly tax thing. TurboTax said we owed ten bucks as the under payment penalty. I'd gladly pay ten bucks to avoid the hassle of mailing something quarterly.

4/16/2014 5:30:12 PM

I got my extension filed in time.

Now to start on taxes before October 15th.

4/17/2014 10:49:53 PM

just got a letter from irs saying i owe 2600 from 2012 because i didn't report rent royalties.

do i really have to pay taxes on rent revenue while i was renting my house out for less than the mortgage and living somewhere else?

4/18/2014 8:34:45 PM

^Yes, however, you can use your 1098 from your Mortgage on that property to help offset that revenue. Also, if you paid utilities, lawn care anything like that you can use to offset that revenue as well. Shoot me a message if you have any questions on it.

[Edited on April 20, 2014 at 10:00 AM. Reason : ;]

4/20/2014 9:58:51 AM

You better depreciate the rental home as well. Anyone that tells you not to is not very bright.

4/20/2014 10:10:07 PM

Just now getting around to doing income taxes this year and wondering what you guys think.

My wife worked for a Georgia based company from our home here in NC. It has our NC address on her W2 but Box 15 is Georgia, which certainly makes it seem that those taxes were with held in Georgia. I wasn't thinking about this when entering the income in TurboTax until I got to the end and it was showing a decent refund from the Fed but a hefty tax bill to NC. I scratched my head a bit and noticed boxed 15. I switch it in TurboTax to NC and the hefty bill switches to a refund that is even better than the Federal refund. But, this can't be right, right? It seems to me that State taxes shouldn't have been paid to Georgia or if this is correct then I wouldn't actually owe anything to NC.

Just wondering if anyone has any ideas on whats up. I'll likely have to consult a tax pro on this.

6/5/2014 9:06:31 PM

Figured it out...basically had to file a non resident tax return to get it all back from Georgia. TurboTax let me do this but it wasn't a bit tricky to understand what the tool was saying about where income was or was not earned. Since my wife also had another business income it originally tried to assign that income to Georgia when I'd already previously assigned it to NC.

6/5/2014 9:58:36 PM

Quote :

"just got a letter from irs saying i owe 2600 from 2012 because i didn't report rent royalties. do i really have to pay taxes on rent revenue while i was renting my house out for less than the mortgage and living somewhere else?"

You need to take this to a tax preparer and have your returns redone. You will probably get out of that and any associated penalties. You can take any expenses associated with the house back off to offset the income, you probably lost money in this case and it might even offset some other income you made.

- Get your 1098 form from your mortgage company

Also look at this list.
http://www.nolo.com/legal-encyclopedia/top-ten-tax-deductions-landlords-29497.html

10/14/2014 2:01:57 PM

holy 6 months late tardyman.

10/14/2014 2:12:15 PM

I got 25 hours left.

10/14/2014 2:21:59 PM

Taxes are Filed and Paid!!!!!!!!!!!!!

10/15/2014 4:41:50 PM